October 5, 2018 / 8:42 PM / 2 months ago

UPDATE 1-U.S. dollar net longs hit highest since Dec. 2016 -CFTC data

 (Adds details, table, byline, comment, bitcoin futures)
    By Gertrude Chavez-Dreyfuss
    NEW YORK, Oct 5 (Reuters) - Speculators' net long bets on
the U.S. dollar rose to their largest since mid-December 2016,
according to calculations by Reuters and the Commodity Futures
Trading Commission released on Friday.
    The value of the net long dollar position was $26.68 billion
in the week ended Oct. 2, from $23.17 billion the previous week.
    U.S. dollar positioning was derived from net contracts of
International Monetary Market speculators in the yen, euro,
British pound, Swiss franc and Canadian and Australian dollars.
    In a wider measure of dollar positioning that
includes net contracts on the New Zealand dollar, Mexican peso,
Brazilian real and Russian ruble, the U.S. dollar posted a net
long position of $27.427 billion in the week ended Oct. 2, up
from $24.796 billion a week earlier.
    The dollar has been on a tear since the last week of
September as the Federal Reserve flagged multiple interest rate
hikes this year and in 2019. Over the last seven days, the
dollar index has gained 2.1 percent.
    On Friday, the dollar retreated slightly, but no one doubts
that its trajectory is on the way up.
    "The relative strength of the U.S. economy and the Federal
Reserve's resolve to tighten monetary policy is unquestionable,"
said Kathy Lien, managing director of FX strategy, at BK Asset
Management in New York.
    She added that the dollar on any dip, is very much a buy.
    In the cryptocurrency market, speculators' net short
position on bitcoin Cboe futures rose to 1,297 contracts
 in the latest week, from 1,173 the previous
week, data showed.
    Bitcoin on Friday slipped 0.1 percent to $6,539.30
 on the Bitstamp platform.
    
Japanese Yen (Contracts of 12,500,000 yen) 
 $12.542 billion
         02 Oct 2018            Prior week
         week             
 Long             56,074            47,253
 Short           170,120           131,972
 Net            -114,046           -84,719
 
EURO (Contracts of 125,000 euros)
 $1.025 billion
         02 Oct 2018            Prior week
         week             
 Long            164,738           172,426
 Short           171,839           168,730
 Net              -7,101             3,696
 
POUND STERLING (Contracts of 62,500 pounds sterling)
 $4.813 billion
         02 Oct 2018           Prior week
         week             
 Long             30,786           34,768
 Short            90,126          101,846
 Net             -59,340          -67,078
 
SWISS FRANC (Contracts of 125,000 Swiss francs)
 $1.703 billion
         02 Oct 2018           Prior week
         week             
 Long             11,848           10,394
 Short            25,250           26,477
 Net             -13,402          -16,083
 
CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)
 $1.442 billion
         02 Oct 2018           Prior week
         week             
 Long             41,940           31,812
 Short            60,424           51,344
 Net             -18,484          -19,532
 
AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
 $5.154 billion 
         02 Oct 2018           Prior week
         week             
 Long             20,470           21,888
 Short            92,188           93,949
 Net             -71,718          -72,061
 
MEXICAN PESO (Contracts of 500,000 pesos)
 $-1.964 billion
         02 Oct 2018           Prior week
         week             
 Long            135,649          117,315
 Short            61,820           65,917
 Net              73,829           51,398
 
NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars)
 $2.017 billion 
         02 Oct 2018           Prior week
         week             
 Long             10,678           10,906
 Short            41,274           42,741
 Net             -30,596          -31,835
 
 (Reporting by Gertrude Chavez-Dreyfuss
Editing by Tom Brown)
  
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