U.S. dollar net longs hit largest since November, bitcoin net longs surge -CFTC, Reuters data



By Gertrude Chavez-Dreyfuss

NEW YORK, May 13 (Reuters) - Speculators' net long positioning on the U.S. dollar rose in the latest week to their highest since late November, according to calculations by Reuters and U.S. Commodity Futures Trading Commission data released on Friday.

The value of the net long dollar position edged up to $19.82 billion for the week ended May 10, from $19.38 the previous week, CFTC data showed.

Bitcoin futures, on the other hand, posted their largest net long position since the contract was launched in 2018. For the week of May 10, net longs in bitcoin rose to 703 contracts, compared with net longs of 388 in the previous week, CFTC data showed.

The dollar =USD has posted sharp gains so far this year, rising 9.3%, on track for its best yearly performance since 2014. "Investors continue to add to their overall net long U.S. dollar exposure, with the aggregate U.S. dollar long reflected in exposures to the major currencies we monitor here rising....over the past week to...close to where U.S. dollar bullish sentiment resided in late 2021/early 2022," wrote Scotiabank in a report after the release of the CFTC data.

The U.S. currency benefited from safe-haven flows with the war in Ukraine as well as the Federal Reserve's aggressive action to tighten monetary policy to curb soaring inflation.

Data also showed a net long euro position of 16,529, in the latest week, up from net shorts of 6,378. Scotia said this was the biggest one-week positioning swing in favor of the euro since August of last year.

"Rather than piling on the weak euro, speculators are bottom fishing," the Canadian bank said.

In cryptocurrencies, bitcoin futures' net longs increased as its spot price tumbled in an overall crypto bear market. Some analysts said this could suggest that short-term investors could be hedging negative bets on bitcoin with long futures contracts.

Bitcoin BTC=BTSP , the largest cryptocurrency by market value, last rose 3.1% to $29,790, rebounding from a December 2020-low of $25,400 which it hit on Thursday.

Although it hit a high of just under $31,000 on Friday, bitcoin remains far below week-earlier levels of around $40,000 and unless there is a huge weekend rally it is on track for a record seventh consecutive weekly loss.

Japanese Yen (Contracts of 12,500,000 yen) $10.586 billion

10 May 2022

Prior week

week

Long

11,196

18,585 Short

121,650

119,379 Net

-110,454

-100,794 EURO (Contracts of 125,000 euros) $-2.175 billion

10 May 2022

Prior week

week

Long

228,230

208,449 Short

211,701

214,827 Net

16,529

-6,378 POUND STERLING (Contracts of 62,500 pounds sterling) $6.13 billion

10 May 2022

Prior week

week

Long

29,469

33,536 Short

109,067

107,349 Net

-79,598

-73,813 SWISS FRANC (Contracts of 125,000 Swiss francs) $1.978 billion

10 May 2022

Prior week

week

Long

4,727

4,357 Short

20,490

18,264 Net

-15,763

-13,907 CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars) $0.415 billion

10 May 2022

Prior week

week

Long

38,679

44,670 Short

44,086

35,641 Net

-5,407

9,029 AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars) $2.893 billion

10 May 2022

Prior week

week

Long

36,869

46,995 Short

78,583

75,511 Net

-41,714

-28,516 MEXICAN PESO (Contracts of 500,000 pesos) $-0.41 billion

10 May 2022

Prior week

week

Long

63,921

63,860 Short

47,196

49,237 Net

16,725

14,623 NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars) $0.817 billion

10 May 2022

Prior week

week

Long

15,203

17,427 Short

28,199

24,037 Net

-12,996

-6,610
Reporting by Gertrude Chavez-Dreyfuss, Editing by Rosalba O'Brien and David Gregorio

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