U.S. dollar net long bets still elevated, steady from last week -CFTC, Reuters



By Gertrude Chavez-Dreyfuss

NEW YORK, Oct 15 (Reuters) - U.S. dollar net longs were little changed from the previous week, according to Reuters calculations and Commodity Futures Trading Commission data released on Friday, suggesting a still upbeat outlook on the greenback.

The value of the net long dollar position was $22.52 billion in the week ended Oct. 12, from $22.89 billion in the previous week. U.S. dollar positioning has been net long for 13 straight weeks after being net short for 16 months.

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

In a broader measure of dollar positioning 0#NETUSDFX= , which includes net contracts on the New Zealand dollar, Mexican peso, Brazilian real and Russian rouble, the greenback posted a net long position of $22.197 billion this week, compared with $22.535 billion previously.

"Speculative accounts sat back and consolidated positioning over the course of the past week, following the sharp increase in aggregate U.S. dollar long position seen in early October," Shaun Osborne, chief FX strategist, at Scotiabank wrote after the CFTC report.

"The trend reflected price action in the spot market over the past few days, with profit-taking and position-squaring dominating trading. Overall data show very little change in net exposure to the U.S. dollar, however. Investors are sticking with U.S. dollar longs by and large."

The dollar has been mainly supported by expectations that the Federal Reserve will taper its asset purchases next month under the quantitative easing program. Tapering typically boosts the greenback, because as the Fed reduces asset purchases, there are less dollars sloshing around, boosting the currency's value.

More importantly, traders in the rate futures market have started to price in a much earlier-than-expected rate hike by the Fed, as soon as September next year, because of surging U.S. inflation.

Since early September, the dollar index has risen 2.1% =USD .

In the cryptocurrency market, bitcoin net shorts totaled 1,426 contracts in the week ended Oct. 12, from 1,518 net short contracts the previous week, CFTC data showed.

On Friday, bitcoin topped $60,000 for the first time in six months, approaching its all-time peak, amid expectations that U.S. regulators would allow a futures-based exchange-traded fund (ETF), a move likely to open the path to wider investment in digital assets.

The world's biggest cryptocurrency BTC=BTSP rose to $62,944.94, its highest since mid-April, and was last up 7.8% at $61,930.13. It has risen by more than half since Sept. 20 and is closing in on its record high of $64,895 hit in April.

Japanese Yen (Contracts of 12,500,000 yen) $8.432 billion

12 Oct 2021

Prior week

week

Long

35,810

31,569 Short

112,444

95,263 Net

-76,634

-63,694 EURO (Contracts of 125,000 euros) $2.651 billion

12 Oct 2021

Prior week

week

Long

202,512

196,819 Short

220,910

219,153 Net

-18,398

-22,334 POUND STERLING (Contracts of 62,500 pounds sterling) $1.017 billion

12 Oct 2021

Prior week

week

Long

46,794

48,137 Short

58,773

68,155 Net

-11,979

-20,018 SWISS FRANC (Contracts of 125,000 Swiss francs) $1.742 billion

12 Oct 2021

Prior week

week

Long

3,560

2,274 Short

16,532

17,953 Net

-12,972

-15,679 CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars) $2.235 billion

12 Oct 2021

Prior week

week

Long

22,382

18,580 Short

50,242

45,446 Net

-27,860

-26,866 AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars) $6.438 billion

12 Oct 2021

Prior week

week

Long

11,193

17,471 Short

98,801

107,450 Net

-87,608

-89,979 MEXICAN PESO (Contracts of 500,000 pesos) $0.954 billion

12 Oct 2021

Prior week

week

Long

74,129

77,074 Short

113,763

112,653 Net

-39,634

-35,579 NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars) $-0.606 billion

12 Oct 2021

Prior week

week

Long

20,467

17,887 Short

11,719

9,831 Net

8,748

8,056
Reporting by Gertrude Chavez-Dreyfuss; Editing by Leslie Adler and Alistair Bell

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