Currency speculators boosted their bets in favour of the US dollar to the highest in six weeks, according to data from the Commodity Futures Trading Commission released on Friday. The value of the dollar's net long position rose to $29.61 billion in the week ended July 16, from $27.94 billion the previous week. Net long dollar contracts rose for a third straight week. Investors have been dollar long since mid-February.
To be long a currency is to bet it will rise in value, while being view it will fall. The Reuters calculation for the aggregate US dollar position is derived from net positions of International Monetary Market speculators in the yen, euro, British pound, Swiss franc, Canadian and Australian dollars.
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