Speculators boosted bullish bets on the US dollar after scaling them back for eight consecutive weeks, according to Reuters calculations and data from the Commodity Futures Trading Commission released on Friday. The value of the dollar's net long position rose to $29.94 billion in the week ended May 26, from $25.81 billion in the previous week. Still, it was the third straight week that net dollar longs came in below $30 billion.
To be long in a currency is to take a view it will rise, while being short is a bet that its value will decline. Net short positions on the euro, meanwhile, rose after declining seven straight weeks, totalling 171,740 contracts. The Reuters calculation for the aggregate US dollar position is derived from net positions of International Monetary speculators in the yen, euro, British pound, Swiss franc and the Canadian and Australian dollars.
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