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Speculators Cut Long Dollar Positions Ahead of Fed

Posted by WorldWideMarkets . on Jun 24, 2013 3:38:00 AM

cftc resized 600Weekly Commodity Futures Trading Commission released on Friday is almost meaningless this week given that it was collated prior to Fed Chairman Ben Bernanke signaling QE is going to come to an end sooner rather than later. FX speculators heavily cut bets in favor of the greenback to the lowest since February by one calculation. The dollar's net long position fell to $14.55 billion in the week ended June 18, almost half the $28.28 billion the previous week. It was the third straight week of declines. Of course, in hindsight, they, and most of the investing world, had the Fed wrong. Net short yen positions fell to 61,890 contracts from 72,906 the prior week. Investors went long on the euro to 20,030 contracts from net shorts of 7,533 the week before. But see next week’s data for a true indication of the market now the Fed has shown the way.



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