Speculators increase long USD bets in latest week-CFTC

Fri Mar 8, 2013 3:56pm EST
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NEW YORK, March 8 (Reuters) - Currency speculators boosted their bets in favor of the U.S. dollar in the latest week to the highest in more than seven months, according to data from the Commodity Futures Trading Commission released on Friday.

The value of the dollar's net long position rose to $23.57 billion in the week ended March 5, the largest since July 17, from a net long position of $14.39 billion the previous week.

The improvement in dollar sentiment came as speculators boosted short positions in most of other major currencies, such as the yen, euro, sterling, Swiss franc and Canadian dollar. They also sharply reduced bets in favor of the Australian dollar in the latest week.

To be short a currency is to bet it will decline in value, while being long is a view its value will rise.

The Reuters calculation for the aggregate U.S. dollar position is derived from net positions of International Monetary Market speculators in the yen, euro, British pound, Swiss franc, Canadian and Australian dollars.

JAPANESE YEN (Contracts of 12,500,000 yen)

3/05/13 week 2/26/13 week

Long 50,958 51,998   Continued...