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Speculators raise short bets on US dollar, calculations show

New York

SPECULATORS grew more bearish about the US dollar in the latest week, increasing their short positions in the currency, according to calculations by Reuters and US Commodity Futures Trading Commission data released on Friday.

The value of the net short dollar position was US$16.652 billion in the seven-day period ended July 14, up from US$14.484 billion the previous week.

US 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 wider measure of dollar positioning that includes net contracts on the New Zealand dollar, Mexican peso, Brazilian real and Russian rouble, the US dollar posted a net US$17.207 billion from US$14.998 billion the week before.

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It is the second consecutive week in which short positions in the dollar have increased.

Friday marks the fourth consecutive week in which the dollar index has fallen. Expectations are that the greenback will continue to decline.

Although the currency has safe-haven appeal, the Federal Reserve's intervention into financial markets in the United States has propped up risk assets, tamping down demand for safe-havens.

Despite a bleak start to the quarterly earnings season and forecasts that US second-quarter gross domestic product could show the largest contraction the Bureau of Economic Analysis has on record, the three US stock indices have rebounded to near pre-pandemic levels.

Despite a pickup in Covid-19 infections last week, the dollar fell, pushed lower by a stronger euro at the end of last week. REUTERS

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