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CFTC : Net U.S. Dollar Short Position $325.9 Million, Down 85%

11/09/2012 | 04:49pm US/Eastern
    By Georgia Wells 

The net amount of investor cash betting the yen would fall increased to its largest size since May 8, government data showed Friday.

As of Nov. 6, investors had increased their net short yen positions 7% to $6.2 billion. The previous week investors held a net $5.8 billion short yen position, according to the Commodities Futures Trading Commission.

On Nov. 2, the yen plunged to its lowest level versus the U.S. dollar since April, after a better-than-expected U.S. jobs report pointed to an improving U.S. economy, in contrast with Japan's economy.

Investors had also increased by 14% their net short euro positions during the same period. As of Nov. 6, investors held a net $10.8 billion short euro position, from $9.4 billion a week earlier.

As a result, the net amount of investor cash betting that the dollar would weaken decreased by 85%. As of Nov. 6, investors held a net $325.9 million short dollar position against a basket of currencies. The previous week the net short dollar position was $2.1 billion.

The last time the net dollar short position was this small was Sept. 4, before the Federal Reserve made an open-ended commitment on Sept. 13 to pump funds into the economy.

The data are compiled at the close of business Tuesday, so this report doesn't reflect investor positioning in response to President Barack Obama's re-election Tuesday night.

The CFTC's report tracks investors' positions on the Chicago Mercantile Exchange. Although the bets are only a fraction of global currency trading, they are considered representative of broad trading trends and general market sentiment.

Write to Georgia Wells at georgia.wells@dowjones.com.

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