N.Y. (Reuters) - Speculators' net long bets on the US dollar increased last week, according to Reuters estimates and US Commodity Futures Trading Commission data released on Friday. For the week ending Oct. 18, the net long dollar position was worth $10.21 billion, up from $9.33 billion the previous week.
Net contracts of International Monetary Market speculators in the Japanese yen, euro, British pound, Swiss franc, and Canadian and Australian dollars were used to calculate US dollar positioning.
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| CFTC, Reuters: Speculators' net long USD bets increase |
According to CFTC statistics, Japanese yen net shorts grew in the most recent week to 94,336 contracts, the highest short position since late May. The yen has suffered the most versus the dollar among the major currencies since the Bank of Japan is the sole central bank that is not tightening. This year, the yen has fallen by about 22% against the dollar.
Following an unexpected surge in the yen versus the dollar, market participants believe Japanese officials interfered in markets on Friday to halt the country's damaged currency's drop.
