Speculators Raise Net Long U.S. Dollar Bets in Latest Week: CFTC, Reuters

Speculators increased net long bets on the U.S. dollar in the latest week, according to calculations by Reuters and Commodity Futures Trading Commission (CFTC) data released on Monday. The value of the net long dollar position was $28.49 billion in the week ended Nov. 20, up from $27.11 billion the previous week. Speculators have been net long on the dollar for 23 straight weeks, after being short for 48 consecutive weeks.U.S. dollar positioning was derived from net contracts of International Monetary Market speculators in the yen, euro, British pound, Swiss franc and Canadian and Australian dollars. In a broader measure of dollar positioning that includes net contracts on the New Zealand dollar, Mexican peso, Brazilian real and Russian ruble, the U.S. dollar posted a net long position of $28.98 billion, compared with $27.89 billion a week earlier. The dollar gained ground last week on safe-haven bids as risk appetite worsened with a sell-off in stocks and decline in oil prices. The drop in oil prices was particularly worrisome as it suggested slowing global growth. One of the focal points this week is a scheduled meeting between U.S. President Donald Trump and Chinese President Xi Jinping that may be their last chance to broker a ceasefire in an increasingly dangerous trade war. It could be an opportunity for the dollar to advance again as some analysts believe it is unlikely that Trump and Xi will reach a deal.