US CFTC: Specs Increase Net Euro Longs, Net Yen Shorts

- Specs Flip To Net Cable Long, First Since Early November

By Vicki Schmelzer

     NEW YORK (MNI) - Speculative accounts increased their net euro longs and

their net yen shorts and flipped from a net sterling short to a net sterling

long, according to data released Friday by the Commodity Futures Trading

Commission.

     The CFTC's Commitments of Traders report, non-commercial, futures-only

section, excluding options, showed speculators had a net euro long position of

+88,167 contracts as per Sept. 26, versus +62,753 contract last week.

     This compared to the net long of +96,309 contracts seen Sept. 5, which was

the largest net euro long in over six years. On May 3, 2011, speculators had a

net euro long of +99,516 contracts. 

     Betting on U.S. dollar outperformance in 2017, speculators had, up until

May 9, maintained a net euro short position all year.

     The record net short in the euro was -226,560 contracts, seen March 31,

2015, and the record net euro long was +119,538 contracts, seen May 15, 2007.

     Speculative accounts had a net yen short of -71,347 contracts as per Sept.

26, versus -51,322 contracts in the prior week.

     This compared to the net short of -126,919 contracts, seen July 18, which

was the largest net yen short since Jan. 7, 2014, when speculators had a net yen

short of -128,868 contracts. 

     The record net yen long position was +71,870 contracts, seen April 19, 2016

and the record net yen short position was -188,077 contracts, seen June 26,

2007.

     The euro closed near $1.1793 and dollar-yen near Y112.24 on Sept. 26,

versus levels late Friday around $1.1822 and Y112.50.

     The CFTC data showed that speculative accounts had a net sterling long of

+5,054 contracts as per Sept. 26, versus -10,161 contracts last week. This

week's net long, the first net sterling long since early November, compared to

the net short of -107,844 contracts seen March 21, which was a new record.

     Sterling closed at $1.3458 on Sept. 26 and held near $1.3416 late Friday.

     This will be the last weekly CFTC update for MNI's Main Wire. Please

contact sales@marketnews.com with any questions or concerns.  

--MNI New York Bureau; tel: +1 212-669-6438; email: vicki.schmelzer@marketnews.com

[TOPICS: M$U$$$,M$$FX$,MN$FX$]