By IFCMarkets

US dollar net short bets declined to $8.18 billion from $8.60 against the major currencies during the one week period, according to the report of the Commodity Futures Trading Commission (CFTC) covering data up to June 2 and released on Friday June 5. The change in overall dollar position was mainly due to significant decrease in bullish bets on Japanese yen and euro as the European Commission unveiled a plan to borrow 750 billion euros – including 500 billion euros in grants and 250 billion in loans, aiming to disburse them via the European budget to be repaid between 2028 and 2058. The Pound, Canadian and Australian dollars maintained net short positions against the dollar. The bearish dollar bets declined despite US Labor department report showing over 42 million Americans lost their jobs in the previous ten weeks, while orders for durable goods plunged below-expected 17.2% in April and Federal Reserve’s “Beige Book” showed that economic activity through May 18 fell sharply in most of its 12 districts.

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