AIRLINK 200.29 Increased By ▲ 2.74 (1.39%)
BOP 10.49 Increased By ▲ 0.22 (2.14%)
CNERGY 7.21 Increased By ▲ 0.26 (3.74%)
FCCL 34.94 Increased By ▲ 0.52 (1.51%)
FFL 17.42 Decreased By ▼ -0.24 (-1.36%)
FLYNG 24.85 Increased By ▲ 0.25 (1.02%)
HUBC 127.81 Increased By ▲ 0.08 (0.06%)
HUMNL 13.81 Decreased By ▼ -0.02 (-0.14%)
KEL 5.00 Increased By ▲ 0.12 (2.46%)
KOSM 7.03 Increased By ▲ 0.34 (5.08%)
MLCF 44.62 Increased By ▲ 0.47 (1.06%)
OGDC 222.15 Decreased By ▼ -2.76 (-1.23%)
PACE 7.42 Decreased By ▼ -0.08 (-1.07%)
PAEL 42.80 Decreased By ▼ -0.06 (-0.14%)
PIAHCLA 17.39 Increased By ▲ 0.17 (0.99%)
PIBTL 8.51 Decreased By ▼ -0.03 (-0.35%)
POWER 9.15 Increased By ▲ 0.03 (0.33%)
PPL 192.73 Decreased By ▼ -1.57 (-0.81%)
PRL 41.50 Increased By ▲ 2.74 (7.07%)
PTC 24.44 Increased By ▲ 0.10 (0.41%)
SEARL 101.27 Increased By ▲ 1.40 (1.4%)
SILK 1.05 Increased By ▲ 0.05 (5%)
SSGC 43.87 Increased By ▲ 0.11 (0.25%)
SYM 18.76 Increased By ▲ 0.18 (0.97%)
TELE 9.54 Increased By ▲ 0.42 (4.61%)
TPLP 13.08 Increased By ▲ 0.12 (0.93%)
TRG 66.19 Increased By ▲ 2.09 (3.26%)
WAVESAPP 10.53 Increased By ▲ 0.16 (1.54%)
WTL 1.78 No Change ▼ 0.00 (0%)
YOUW 4.04 Increased By ▲ 0.02 (0.5%)
AIRLINK 200.29 Increased By ▲ 2.74 (1.39%)
BOP 10.49 Increased By ▲ 0.22 (2.14%)
CNERGY 7.21 Increased By ▲ 0.26 (3.74%)
FCCL 34.94 Increased By ▲ 0.52 (1.51%)
FFL 17.42 Decreased By ▼ -0.24 (-1.36%)
FLYNG 24.85 Increased By ▲ 0.25 (1.02%)
HUBC 127.81 Increased By ▲ 0.08 (0.06%)
HUMNL 13.81 Decreased By ▼ -0.02 (-0.14%)
KEL 5.00 Increased By ▲ 0.12 (2.46%)
KOSM 7.03 Increased By ▲ 0.34 (5.08%)
MLCF 44.62 Increased By ▲ 0.47 (1.06%)
OGDC 222.15 Decreased By ▼ -2.76 (-1.23%)
PACE 7.42 Decreased By ▼ -0.08 (-1.07%)
PAEL 42.80 Decreased By ▼ -0.06 (-0.14%)
PIAHCLA 17.39 Increased By ▲ 0.17 (0.99%)
PIBTL 8.51 Decreased By ▼ -0.03 (-0.35%)
POWER 9.15 Increased By ▲ 0.03 (0.33%)
PPL 192.73 Decreased By ▼ -1.57 (-0.81%)
PRL 41.50 Increased By ▲ 2.74 (7.07%)
PTC 24.44 Increased By ▲ 0.10 (0.41%)
SEARL 101.27 Increased By ▲ 1.40 (1.4%)
SILK 1.05 Increased By ▲ 0.05 (5%)
SSGC 43.87 Increased By ▲ 0.11 (0.25%)
SYM 18.76 Increased By ▲ 0.18 (0.97%)
TELE 9.54 Increased By ▲ 0.42 (4.61%)
TPLP 13.08 Increased By ▲ 0.12 (0.93%)
TRG 66.19 Increased By ▲ 2.09 (3.26%)
WAVESAPP 10.53 Increased By ▲ 0.16 (1.54%)
WTL 1.78 No Change ▼ 0.00 (0%)
YOUW 4.04 Increased By ▲ 0.02 (0.5%)
BR100 12,040 Increased By 72 (0.6%)
BR30 36,689 Increased By 5 (0.01%)
KSE100 114,804 Increased By 574.1 (0.5%)
KSE30 36,102 Increased By 118.3 (0.33%)

Speculators pared back favourable bets on the US dollar for a second straight week, according to Reuters calculations and data from the Commodity Futures Trading Commission released on Friday, reflecting expectations the Federal Reserve would raise interest rates just once this year. The value of the dollar's net long position fell to $6.56 billion in the week ended September 20, the data showed, one day before the Fed kept interest rates unchanged and flagged a December rate hike. The previous week's long US dollar position was $7.13 billion.
"The US dollar remains vulnerable in the aftermath of the September 21 FOMC meeting, with US real yields having retreated sharply," said Daniel Katzive, head of FX strategy for North America at BNP Paribas in New York. "We expect the Fed will ultimately deliver a rate hike in December ... but with the Fed outlook highly data and financial conditions dependent, markets are unlikely to increase pricing for a December hike much beyond the 56 percent chance currently reflected in rates markets regardless of public comments at this time."
So far this year, the dollar index has fallen 3.2 percent, down from 2015's gains of more than 9 percent. The sterling net short position, meanwhile, fell again this week to 58,686 contracts, the smallest since mid-July. This reflected the fact that UK economic data have surprised to the upside in the immediate aftermath of the referendum in which Britons voted to leave the European Union.
But BNP's Katzive said sterling remained at risk as UK economic reports going forward are likely to highlight the continuing challenges ahead for the British economy. Markets have also begun to focus more on what could be a contentious Brexit negotiation process. Sterling so far in 2016 has been down roughly 12 percent, following losses of more than 5 percent in 2015. The Reuters calculation for the aggregate US dollar position is derived from net positions of International Monetary Market speculators in the yen, euro, sterling, Swiss franc and Canadian and Australian dollars.

Copyright Reuters, 2016

Comments

Comments are closed.