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UPDATE 1-Speculators slash net long bets on USD -CFTC, Reuters

·3 min read

(Adds details, background, table) By Saqib Iqbal Ahmed NEW YORK, Sept 23 (Reuters) - Speculators' net long bets on the U.S. dollar fell 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 $10.23 billion for the week ended Sept. 20, down from a net long position of $17.24 billion last week. 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. CFTC data also showed Japanese yen net shorts increased in the latest week to 81,280 contracts, the largest since early June. Among the major currencies, the yen has struggled the most against the dollar as the Bank of Japan remains the only central bank that is not in a tightening mode. The yen has plummeted by nearly 20% against the dollar this year. Japan intervened in the foreign exchange market on Thursday to buy yen for the first time since 1998, in an attempt to shore up the battered currency. Speculators' euro positioning, meanwhile, swung to a net-long position of 33,449 contracts, from a net short position of 11,837 contracts. Euro zone inflation is set to go higher and price growth is likely to be more persistent than earlier thought, European Central Bank board member Isabel Schnabel said on Thursday, defending the ECB's plans to raise interest rates further. CFTC data also showed speculators trimming their net short position on the British pound to 54,843 contracts, down from a net short position of 68,086 contracts. JAPANESE YEN (Contracts of 12,500,000 yen) 20 Sep 2022 Prior week week Long 34,767 39,323 Short 116,047 120,015 Net -81,280 -80,692 EURO (Contracts of 125,000 euros) 20 Sep 2022 Prior week week Long 206,564 207,778 Short 173,115 219,615 Net 33,449 -11,837 POUND STERLING (Contracts of 62,500 pounds sterling) 20 Sep 2022 Prior week week Long 41,289 41,129 Short 96,132 109,215 Net -54,843 -68,086 SWISS FRANC (Contracts of 125,000 Swiss francs) 20 Sep 2022 Prior week week Long 8,167 7,704 Short 14,907 15,009 Net -6,740 -7,305 CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars) 20 Sep 2022 Prior week week Long 47,913 48,102 Short 45,857 35,677 Net 2,056 12,425 AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars) 20 Sep 2022 Prior week week Long 38,797 29,218 Short 79,353 87,068 Net -40,556 -57,850 MEXICAN PESO (Contracts of 500,000 pesos) 20 Sep 2022 Prior week week Long 96,671 103,772 Short 124,704 129,153 Net -28,033 -25,381 NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars) 20 Sep 2022 Prior week week Long 11,646 17,949 Short 24,235 23,250 Net -12,589 -5,301 (Reporting by Saqib Iqbal Ahmed; Editing by Leslie Adler and David Gregorio)