Speculators reduced betting on U.S. dollar decline to a minimum since March
Hedge funds and other major speculators have reduced short positions on the U.S. dollar to 2 months' minimum, according to statistics from the U.S. Commodity Futures Trading Commission (CFTC). However, speculators increased short positions in commodity currencies and the British pound. CFTC data reflect the state of affairs as of May 12.
The net short position on the U.S. dollar was 10368 contracts, compared to 25948 a week earlier. The short position has been declining for 4 consecutive weeks.
The net short position on the Canadian dollar, on the contrary, has been growing for 4 consecutive weeks. It reached 32,246 contracts, reflecting the bearish mood since June 2019.
The net short position on the Australian dollar rose from 33,455 to 35,425 contracts, while the position on the New Zealand dollar grew from 14,953 to 15,878 contracts.
The balanced short position on the GBP rose to 13,688 contracts, the lowest since December.
The net long position in the Japanese yen rose from 27,214 to 27,937 contracts.