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Free AccessUS CFTC: Specs Trim Euro Longs, Yen Shorts, Add To Stg Shorts
By Vicki Schmelzer
NEW YORK (MNI) - Speculative accounts have trimmed their net euro long
positions and net net yen short positions, while increasing their 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
+82,637 contracts as per August 1, versus +90,842 contracts the prior week.
This compared to the net euro long of +91,321 contracts, seen in the July
18 week, 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 -112,196 contracts as per
August 1, versus -121,489 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 $1.1802 and dollar-yen near Y110.36 on August 1 versus
levels late Friday around $1.1776 and Y110.66.
The CFTC data showed that speculative accounts had a net sterling short of
-29,452 contracts as per August 1, versus -26,197 contracts last week. This
compared to the net short of -107,844 contracts seen March 21, which was a new
record.
Sterling closed at $1.3203 on August 1 and held near $1.3043 late Friday.
Cable hit a high of $1.3267 Thursday, the highest level since Sept. 15, 2016,
when the pair peaked at $1.3279.
This would not have been enough of a rally for cable shorts to be trimmed.
Instead, sterling's subsequent fall, after the Bank of England meeting Thursday,
suggests that speculative accounts are now likely shorter.
--MNI New York Bureau; tel: +1 212-669-6438; email: vicki.schmelzer@marketnews.com
[TOPICS: M$U$$$,M$$FX$,MN$FX$]
To read the full story
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Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.