Dollar net short bets decline continued despite jump in unemployment

By IFCMarkets

US dollar bearish bets decrease continued to $9.07 billion from $9.17 billion against the major currencies during the one week period, according to the report of the Commodity Futures Trading Commission (CFTC) covering data up to May 2 and released on Friday May 15. The marginal change in overall dollar position was mainly due to marginal decrease in bullish bets on Swiss franc, increase in bearish bets on Australian dollar and British Pound, as well as increase in euro bullish bets. Once again the Pound, Canadian and Australian dollars maintained net short positions against the dollar. The ICE US Dollar index rose as the China’s General Administration of Customs reported Chinese exports rose unexpectedly 3.5% in April from a year earlier, after falling 6.6% in March. And Dollar strengthened despite the April US jobs report indicated unemployment jumped to 14.7% due to US job losses unseen since the Great Depression of the 1930s.

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