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

By Vicki Schmelzer

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

net yen shorts and 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

+86,058 contracts as per Sept. 12, versus +96,309 contracts the prior 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 -57,297 contracts as per Sept.

12, versus -72,945 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 $1.1967 and dollar-yen near Y110.17 on Sept. 12 versus

levels late Friday around $1.1942 and Y110.88.

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

-46,085 contracts as per Sept. 12, versus -52,927 contracts last week. This

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

record.

     Sterling closed at $1.3283 on Sept. 12 and held near $1.3578 late Friday. 

     Cable earlier posted a high near $1.3616, the highest level since June 24,

the day after Brexit, when the pair saw a range of $1.3229 to $1.5018. Given the

run-up since Tuesday, sterling shorts have likely been trimmed further. 

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

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