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

By Vicki Schmelzer

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

positions as well as their net yen short positions, but added to 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

+86,519 contracts as per August 29, versus +87,976 contracts the prior week.

     The net euro long of +93,685 contracts, seen the week of August 8 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 -68,524 contracts as per August

29, versus -74,086 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 $1.1972 and dollar-yen near Y109.71 on August 29

versus levels late Friday around $1.1863 and Y110.27.

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

-51,555 contracts as per August 29, versus -45,900 contracts last week. This

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

record.

     Sterling closed at $1.2918 on August 29 and held near $1.2952 late Friday. 

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

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