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UPDATE 1-Speculators increase short dollar bets, CFTC data, Reuters calculations show

Fri, 29th May 2020 21:26

(Adds context, further positioning)

By Kate Duguid

NEW YORK, May 29 (Reuters) - Speculators' net bearish bets
on the U.S. dollar increased in the latest week, according to
calculations by Reuters and U.S. Commodity Futures Trading
Commission data released on Friday.

The net short dollar position was $8.60 billion for the week
ended May 26, compared with a net short position of $7.66
billion for the week before that.

U.S. dollar positioning was derived from net contracts of
International Monetary Market speculators in the Japanese yen,
euro, British pound, Swiss franc and Canadian and Australian
dollars.

Traders who are long on a currency believe it will rise in
value, while being short points to a bearish bias.

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
short of $7.82 billion, up from $6.58 billion a week earlier.

The U.S. dollar index, which weighs the currency
against a basket of six rivals has fallen 1.47% this week as
risk sentiment has improved, sending U.S. stock indexes higher,
and denting the greenback's safe-haven appeal. The biggest daily
drop this week was recorded on Tuesday, the end of the seven-day
period from which the CFTC drew this week's data.

The dollar's move lower since Wednesday will be reflected in
next week's CFTC data, unless the trend is reversed before next
Tuesday.
(Reporting by Kate Duguid
Editing by Paul Simao)

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