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U.S. dollar net short position hits highest in three months -CFTC, Reuters data

05/28/2021 | 04:41pm EDT

NEW YORK (Reuters) -U.S. dollar net shorts climbed this week to the highest level since late February, according to calculations by Reuters and Commodity Futures Trading Commission data released on Friday.

The value of the net short dollar position rose to $27.89 billion in the week ended May 25, from net shorts of $15.07 billion the previous week. U.S. dollar net short contracts rose for a sixth straight week.

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 positions that includes net contracts on the New Zealand dollar, Mexican peso, Brazilian real and Russian ruble, the greenback posted a net short position of $17.052 billion this week, compared with net shorts of $15.63 billion the week before.

Net short dollar positioning swelled again after it became clear that the Federal Reserve will keep its ultra-easy monetary policy stance for some time despite signs of rising inflationary pressure.

On Friday, data showed underlying inflation in the 12 months to April, as measured by the personal consumption expenditures (PCE) price index, excluding the volatile food and energy components, climbed to 3.1%, far above the Fed's 2% target.

The Fed has viewed rising prices as transitory amid a reopening economy that has seen increased COVID-19 vaccinations.

The U.S. central bank's view on inflation has stalled the rise in yields, weighing on the dollar.

Since late March, the dollar has lost nearly 4% of its value against a basket of currencies. It tracked the decline in yields during that period as well, with the benchmark U.S. 10-year yield dropping nearly 20 basis points since late March.

"Currency traders are turning more negative on the broader outlook for the U.S. dollar again," said Scotiabank in a research note released after the CFTC data.

The Canadian bank also pointed to the sharp increase in net gold longs, gaining $3.6 billion to return to late February levels, "in what is effectively another manifestation of broader U.S. dollar bearishness."

In the cryptocurrency market, bitcoin net shorts rose to 1,672 contracts from net shorts of 959 in the week ended May 18, which was the smallest net short since late March last year.

Bitcoin's gains have slowed this year, after China embarked on a crackdown on cryptocurrency trading and mining.

Investors also looked to other digital currencies such as ether, the digital token for the Ethereum blockchain, for crypto exposure.

Since hitting an all-time high just under $65,000 on April 14, bitcoin has fallen about 46%.

On Friday, bitcoin was down 7% at $35,920.

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

$5.765 billion

25 May 2021 Prior week


Long 24,163 24,965

Short 74,319 75,913

Net -50,156 -50,948

EURO (Contracts of 125,000 euros)

$-15.925 billion

25 May 2021 Prior week


Long 236,103 232,330

Short 132,103 132,472

Net 104,000 99,858

POUND STERLING (Contracts of 62,500 pounds sterling)

$-2.712 billion

25 May 2021 Prior week


Long 64,193 63,027

Short 33,534 38,127

Net 30,659 24,900

SWISS FRANC (Contracts of 125,000 Swiss francs)

$0.168 billion

25 May 2021 Prior week


Long 12,223 11,115

Short 13,426 15,380

Net -1,203 -4,265

CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)

$-3.715 billion

25 May 2021 Prior week


Long 84,183 82,026

Short 39,372 35,914

Net 44,811 46,112

AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)

$0.063 billion

25 May 2021 Prior week


Long 55,098 57,862

Short 55,907 54,860

Net -809 3,002

MEXICAN PESO (Contracts of 500,000 pesos)

$0.213 billion

25 May 2021 Prior week


Long 63,868 62,251

Short 72,366 72,369

Net -8,498 -10,118

NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars)

$-0.62 billion

25 May 2021 Prior week


Long 24,446 23,624

Short 15,861 15,174

Net 8,585 8,450

(Reporting by Gertrude Chavez-Dreyfuss; Editing by Leslie Adler and Sonya Hepinstall)

By Gertrude Chavez-Dreyfuss

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / CANADIAN DOLLAR (AUD/CAD) 0.42% 0.93077 Delayed Quote.-5.27%
AUSTRALIAN DOLLAR / JAPANESE YEN (AUD/JPY) -0.53% 79.517 Delayed Quote.0.60%
AUSTRALIAN DOLLAR / NEW ZEALAND DOLLAR (AUD/NZD) -0.08% 1.03149 Delayed Quote.-3.62%
AUSTRALIAN DOLLAR / SWISS FRANC (AUD/CHF) -0.39% 0.67436 Delayed Quote.-0.69%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.19% 0.72577 Delayed Quote.-5.25%
BIKE24 HOLDING AG -1.90% 22.68 Delayed Quote.0.00%
BITCOIN - EURO -6.60% 37689.23 Real-time Quote.70.54%
BITCOIN - UNITED STATES DOLLAR -6.68% 44123 Real-time Quote.63.37%
BRITISH POUND / AUSTRALIAN DOLLAR (GBP/AUD) -0.18% 1.88457 Delayed Quote.6.58%
BRITISH POUND / CANADIAN DOLLAR (GBP/CAD) 0.20% 1.75428 Delayed Quote.0.68%
BRITISH POUND / NEW ZEALAND DOLLAR (GBP/NZD) -0.27% 1.94402 Delayed Quote.2.65%
BRITISH POUND / US DOLLAR (GBP/USD) -0.39% 1.36781 Delayed Quote.0.47%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) -0.85% 85.426 Delayed Quote.6.64%
CANADIAN DOLLAR / SWISS FRANC (CAD/CHF) -0.85% 0.72437 Delayed Quote.5.27%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.54% 0.77934 Delayed Quote.-0.32%
ETHEREUM (ETH/BTC) -0.52% 0.069977 Real-time Quote.176.22%
ETHEREUM (ETH/EUR) -6.92% 2635.67 Real-time Quote.371.14%
ETHEREUM - UNITED STATES DOLLAR -6.96% 3085.71 Real-time Quote.351.06%
EURO / AUSTRALIAN DOLLAR (EUR/AUD) 0.06% 1.61414 Delayed Quote.1.69%
EURO / BRAZILIAN REAL (EUR/BRL) 0.45% 6.2239 Delayed Quote.-2.26%
EURO / BRITISH POUND (EUR/GBP) 0.28% 0.85649 Delayed Quote.-4.46%
EURO / NEW ZEALAND DOLLAR (EUR/NZD) -0.12% 1.6651 Delayed Quote.-2.09%
EURO / US DOLLAR (EUR/USD) -0.13% 1.17157 Delayed Quote.-4.00%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.05% 0.013577 Delayed Quote.-0.89%
NEW ZEALAND DOLLAR / CANADIAN DOLLAR (NZD/CAD) 0.51% 0.90229 Delayed Quote.-1.63%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.11% 0.70357 Delayed Quote.-2.01%
US DOLLAR / BRAZILIAN REAL (USD/BRL) 0.73% 5.3097 Delayed Quote.1.73%
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