Speculators cut long U.S. dollar bets in latest week -

Speculators cut long U.S. dollar bets in latest week

FX SIGNALS – (Reuters) -Speculators decreased their net long U.S. dollar positions in the latest week, according to calculations by Reuters and U.S. Commodity Futures Trading Commission data released on Friday.

The value of the net long dollar position was $12.97 billion in the week ended Aug. 9, compared with a net long of $17.27 billion the previous week.

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

Japanese Yen (Contracts of 12,500,000 yen)

Net dollar long by $2.316 billion

09 Aug 2022 Prior week

week

Long 52,333 50,433

Short 77,365 93,186

Net -25,032 -42,753

EURO (Contracts of 125,000 euros)

Net dollar long by $4.408 billion

09 Aug 2022 Prior week

week

Long 200,088 191,692

Short 234,624 230,503

Net -34,536 -38,811

POUND STERLING (Contracts of 62,500 pounds sterling)

Net dollar long by $2.602 billion

09 Aug 2022 Prior week

week

Long 42,219 29,305

Short 76,687 85,714

Net -34,468 -56,409

SWISS FRANC (Contracts of 125,000 Swiss francs)

Net dollar long by $1.282 billion

09 Aug 2022 Prior week

week

Long 8,635 8,170

Short 18,417 21,478

Net -9,782 -13,308

CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)

Net dollar short by $-1.647 billion

09 Aug 2022 Prior week

week

Long 46,898 48,342

Short 25,675 28,065

Net 21,223 20,277

AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)

Net dollar long by $4.01 billion

09 Aug 2022 Prior week

week

Long 25,644 30,835

Short 83,232 86,785

Net -57,588 -55,950

MEXICAN PESO (Contracts of 500,000 pesos)

Net dollar long by $-0.683 billion

09 Aug 2022 Prior week

week

Long 95,572 101,415

Short 123,193 124,468

Net -27,621 -23,053

NEW YORK (Reuters) -The dollar rallied on Friday but was set for a weekly drop as traders weighed improving U.S. inflation data against comments from Federal Reserve officials who cautioned the battle against rising prices was far from over.

U.S. import prices declined for the first time in seven months in July on lower costs for both fuel and non-fuel products, data showed on Friday, in the third report this week to hint inflation may have topped out.

Another two key inflation measures, for consumer prices and producer prices, cooled in July, data on Wednesday and Thursday showed, prompting traders to pare back views that the Fed will raise interest rates by 75 basis points for a third consecutive time when it meets in September.

After four straight down days, including a more than 1% drop on Wednesday, the dollar rallied against its major rivals on Friday, but was still on track for a decline of around 0.84 for the week.

At 3:00 p.m. Eastern time (1900 GMT), the dollar index was up 0.504% at 105.65.

“There’s a little bit of anxiety still out there, I believe, because we need to see more evidence that inflation is – I’m not going to say abating – but peaking,” said Amo Sahota, director at Klarity FX.

The greenback’s turnaround followed a steady drumbeat from Fed officials who made clear they would continue to tighten. San Francisco Federal Reserve Bank President Mary Daly said on Thursday she was open to the possibility of another 75 basis point hike in September.

FX SIGNALS

“The Fed is going to be inclined to push back against the notion of a premature policy pivot,” said Joe Manimbo, senior market analyst at Convera. “That would threaten to unravel all of the hard work they’ve done to bring down inflation.”

Traders were pricing in around a 42.5% chance of a 75 bps Fed rate hike in September and a 57.5% chance of 50 bps.

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