Dollar bearish bets increase slowed after better than expected July jobs report

By IFCMarkets.com

US dollar net short bets increase slowing continued with total net shorts reaching $32.13 billion from $28.93 against the major currencies during the one week period, according to the report of the Commodity Futures Trading Commission (CFTC) covering data up to August 11 and released on Friday August 14. The increase in net short dollar bets mainly resulted from decrease in bearish bets on British Pound and significant increase in bullish bets on Swiss franc and euro as industrial production and trade balance reports from Germany and France for June were better than expected. At the same time the Labor Department reported US added above-expected 1.76 million jobs in July, while data showed 1.186 million Americans filed for first-time benefits, a decline of 249,000.. The bearish dollar bets rose again despite Institute for Supply Management report its Services purchasing managers index jumped to above-expected reading of 58.1 in July.