Dollar bearish bets ticked up despite surprisingly strong jobs report

By IFCMarkets

US dollar net short bets declined to $14.48 billion from $13.89 against the major currencies during the one week period, according to the report of the Commodity Futures Trading Commission (CFTC) covering data up to July 7 and released on Friday July 10. The change in net short dollar bets resulted from significant decrease in bearish bets on Canadian dollar, British Pound and increase in bullish bets on euro, which outweighed a marked decrease in yen bullish bets. The Pound, Canadian and Australian dollars maintained net short positions against the dollar. The bearish dollar bets rose again despite US Labor Department data showed that the US added back 4.8 million jobs in June when a gain of 3.7 million jobs was expected, and Institute of Supply Management report its manufacturing purchasing managers index climbed to 52.6 from 43.1 in May. Readings above 50 indicate an expansion in economic activity. Bullish euro view was supported by sharp easing in euro-zone’s business activity contraction in June according to final services PMI reading.

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