Dollar bearish bets increased despite surprise US unemployment rate decline

By IFCMarkets

US dollar net short bets rebounded to $9.51 billion from $8.18 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 9 and released on Friday June 12. The change in overall dollar position resulted mainly due to significant decrease in bearish bets on Canadian and Australian dollars as well as British Pound. A significant increase in bullish bets on euro also contributed to increase in dollar bearish bets after the European Central Bank announced it would expand its Pandemic Emergency Purchase Program by €600 billion, or $674.5 billion and extend the program until June 2021 as the ECB kept interest rates unchanged. The Pound, Canadian and Australian dollars maintained net short positions against the dollar. The bearish dollar bets rose despite US Labor department surprise jobs report showing US economy regained 2.5 million jobs in May and the unemployment rate fell to 13.3%.

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