Speculators cut net long bets on the U.S. dollar last week, according to the latest data from
the Commodity Futures Trading Commission. The dollar's net long position fell to $24.45 billion in the week ended July 30, using the calculation of one major house, from $28.69 billion the previous week. But speculators have been net long the dollar since mid February and the overall bias is likely to remain that way given the strengthening U.S. fundamentals and that the Fed is like to taper QE first. The latest CFTC data reflects investor sentiment before the FOMC meeting last Wednesday and the Bank or England and Eurpoean Central Bank meetings on Thursday. Data post those meetings will only be collated throught to this Tuesday, tomorrow, and released this coming Friday. Speculator bets are always interesting but can come too late to be any more relevant than the long term trend.