AGL 8.30 Increased By ▲ 0.44 (5.6%)
ANL 10.59 Increased By ▲ 0.24 (2.32%)
AVN 78.60 Increased By ▲ 0.70 (0.9%)
BOP 5.45 Increased By ▲ 0.06 (1.11%)
CNERGY 5.59 Increased By ▲ 0.58 (11.58%)
EFERT 80.25 Decreased By ▼ -0.55 (-0.68%)
EPCL 69.60 Increased By ▲ 1.50 (2.2%)
FCCL 15.30 Increased By ▲ 0.74 (5.08%)
FFL 6.53 Increased By ▲ 0.33 (5.32%)
FLYNG 7.18 Increased By ▲ 0.53 (7.97%)
GGGL 10.85 Increased By ▲ 0.27 (2.55%)
GGL 16.79 Increased By ▲ 0.38 (2.32%)
GTECH 8.14 Increased By ▲ 0.02 (0.25%)
HUMNL 7.04 Increased By ▲ 0.02 (0.28%)
KEL 2.99 Increased By ▲ 0.11 (3.82%)
LOTCHEM 30.77 Increased By ▲ 2.24 (7.85%)
MLCF 28.98 Increased By ▲ 2.03 (7.53%)
OGDC 82.75 Increased By ▲ 0.60 (0.73%)
PAEL 16.97 Increased By ▲ 0.32 (1.92%)
PIBTL 6.08 Increased By ▲ 0.24 (4.11%)
PRL 18.10 Increased By ▲ 1.35 (8.06%)
SILK 1.15 Increased By ▲ 0.05 (4.55%)
TELE 11.25 Increased By ▲ 0.28 (2.55%)
TPL 9.20 Decreased By ▼ -0.02 (-0.22%)
TPLP 19.88 Increased By ▲ 0.22 (1.12%)
TREET 26.46 Increased By ▲ 0.55 (2.12%)
TRG 94.60 Increased By ▲ 0.99 (1.06%)
UNITY 19.50 Increased By ▲ 0.50 (2.63%)
WAVES 14.34 Increased By ▲ 0.78 (5.75%)
WTL 1.30 Increased By ▲ 0.06 (4.84%)
BR100 4,187 Increased By 80.1 (1.95%)
BR30 15,474 Increased By 343.5 (2.27%)
KSE100 42,096 Increased By 670.9 (1.62%)
KSE30 15,883 Increased By 222.7 (1.42%)

NEW YORK: US dollar net shorts fell to their lowest level since late April, according to calculations by Reuters and Commodity Futures Trading Commission data released on Friday. The value of the net short dollar position dropped to $10.44 billion in the week ended June 29, from net shorts of $12.80 billion the previous week. US dollar net short contracts slid for a second straight week.

US dollar positioning was derived from net contracts of International Monetary Market speculators in the Japanese yen, euro, British pound and Swiss franc, as well as the Canadian and Australian dollars. In a broader measure of dollar positioning that includes net contracts on the New Zealand dollar, Mexican peso, Brazilian real and Russian ruble, the greenback posted a net short position of $10.94 billion this week, compared with net shorts of $13.04 billion the week before.

The dollar has gained ground ever since the Federal Reserve took a surprising hawkish stance at its monetary policy meeting last month. Fed forecasts have penciled in two US rate increases by the end of 2023. For the month of June, the dollar index posted its best monthly performance since November 2016.

The dollar though on Friday gave up its gains after the release of what has been considered a mixed US non-farm payrolls report.

"Although our non-consensus view that the US dollar would strengthen this summer has been more than matched by recent market moves, we have not yet seen enough evidence to lower our long held six-month forecast of euro/dollar at $1.17," said Jane Foley, head of FX strategy at Rabobank in London.

The euro last traded up 0.1% at $1.1862. In the cryptocurrency market, bitcoin net shorts fell to 1,345 contracts in the week ended June 29, from net shorts of 1,528 the previous week. Bitcoin's rise has stalled this year in the wake of crackdowns on the crypto sector in China, Japan, Britain, and more recently Thailand.

Since hitting an all-time high of just under $65,000 in mid-April, bitcoin has fallen about 50%. On Friday, bitcoin was down 0.9% at $33,253. For the month of June, the world's most popular cryptocurrency has fallen 5%.

Comments

Comments are closed.