US CFTC: Specs Trim Euro Longs, Yen Shorts, Add To Stg Shorts

--Net Euro Longs, New Yen Shorts Still Extended

By Vicki Schmelzer

     NEW YORK (MNI) - Speculative accounts trimmed their net euro long positions

and net net yen short positions, while adding to net sterling shorts, 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

+90,842 contracts as per July 25.

     This compared to last week's net euro long of +91,321 contracts, 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 -121,489 contracts as per July

25.

     This compared to last week's net short of -126,919 contracts, 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 $1.1647 and dollar-yen near Y111.89 on July 25 versus

levels late Friday around $1.1755 and Y110.60.

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

-26,197 contracts as per July 25, versus -16,473 contracts last week. This

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

record.

     Sterling closed at $1.3025 on July 25 and was trading near $1.3143 late

Friday. Cable hit a high of $1.3159 Thursday, the highest level since mid

September. 

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

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