Speculators raised bullish bets on the US dollar in the latest week, 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 $25.76 billion in the week ended July 7, from $25.11 billion the previous week. This was the fourth straight week net dollar longs came in under $30 billion. To be long a currency is to take a view it will rise, while being short is a bet that its value will decline.
Net dollar longs increased as the value of greenback for the month of July started to stabilize. So far this year, the dollar has risen about 0.5 percent. Net short positions on the euro, meanwhile, increased to 99,266 contracts in the latest week, from 100,035 contracts the previous week. 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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