US Dollar Index hits eight year highs but speculator data shows traders more cautious


Speculators further pared their net long U.S. dollar position in the latest week to the smallest level in three months, data from the Commodity Futures Trading Commission showed on Friday. The value of the dollar’s net long position slid by more than $7 billion to $34.64 billion in the week ended Dec. 16, from $42.19 billion the previous week. This was the smallest net long position on the greenback since late September.

This was also the largest decline in net dollar longs since week of March 21. This snapped a 10-week streak that U.S. dollar longs have touched at least $40 billion. The dollar had retreated from its earlier rally as investors booked gains ahead of this week’s Federal Reserve policy meeting and last days of 2014.

The dollar index closed up 0.4 percent on Friday, bringing its weekly gain to 1.4 percent which was on track for its strongest single-week increase since early November 2013. Moreover, the dollar index (current price: 89.5980) is trading at 52 week highs (78.9060 – 89.6540) and it’s highest level in over eight years when the index on Friday hit 89.6540, its highest since April 2006.

 

25-year dollar index chart. Courtesy: BarChart.com
25-year dollar index chart. Courtesy: BarChart.com

“The dollar’s rise is a continuation of the broad dollar strength that we’ve been seeing, which was further supported by the Fed announcement,” said Eric Viloria, currency strategist at Wells Fargo Securities in New York.

You can also view full details from the latest CFTC commitment of traders report below:

 

Japanese Yen (Contracts of 12,500,000 yen) 
 Net $9.336 billion dollar long
         16Dec2014 week         Prior week
 Long             45,652            38,067
 Short           132,579           142,203
 Net             -86,927          -104,136
 
EURO (Contracts of 125,000 euros)
 Net $19.806 billion dollar long
         16Dec2014 week         Prior week
 Long             56,179            58,306
 Short           182,834           195,218
 Net            -126,655          -136,912
 
POUND STERLING (Contracts of 62,500 pounds sterling)
 Net $1.432 billion dollar long
         16Dec2014 week        Prior week
 Long             37,861           37,695
 Short            52,413           61,297
 Net             -14,552          -23,602
 
SWISS FRANC (Contracts of 125,000 Swiss francs)
 Net $0.476 billion dollar long
         16Dec2014 week        Prior week
 Long             18,905            8,971
 Short            22,560           31,068
 Net              -3,655          -22,097
 
CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)
 Net $1.35 billion dollar long
         16Dec2014 week        Prior week
 Long             32,397           33,406
 Short            48,091           47,768
 Net             -15,694          -14,362
 
AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)
 Net $2.815 billion dollar long 
         16Dec2014 week        Prior week
 Long             26,786           17,378
 Short            61,039           62,391
 Net             -34,253          -45,013
 
MEXICAN PESO (Contracts of 500,000 pesos)
 Net $1.789 billion dollar long
         16Dec2014 week        Prior week
 Long             25,843           32,116
 Short            78,599           80,710
 Net             -52,756          -48,594
 
NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars)
 Net $0.05 billion dollar long 
         16Dec2014 week        Prior week
 Long              9,865            9,786
 Short            10,504           12,081
 Net                -639           -2,295

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US Dollar Index hits eight year highs but speculator data shows traders more cautious

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