© Reuters.
Advertisement

Last Reviewed on

Advertisement


© Reuters.

By Yasin Ebrahim

Investing.com – The dollar posted a weekly loss as data showed bearish bets on the greenback surged to a more-than-two-year high.

Speculators increased their net short dollar position in the latest week, according to calculations by Reuters and U.S. Commodity Futures Trading Commission data released on Friday, the largest bearish position since April 2018.

The value of the net short dollar position rose to $16.83 billion in the week ended June 23, compared with a net short of $15.69 billion the previous week, Reuters reported.

The , which measures the greenback against a trade-weighted basket of six major currencies, fell by 0.07% to 97.09.

Rising Covid-19 infections in the U.S. and other parts of the world did little to spark investor appetite for the safe-haven greenback, and one analyst suggests that is a sign to sell into dollar strength.

The dollar may attract safe-haven demand in the wake of renewed market uncertainty, but any rebound remains a selling opportunity, Unicredit (MI:) said.

“It is true that the dollar is once again benefiting from fears of a second wave of the Covid-19 pandemic, but so far these concerns have not been sufficient to trigger an aggressive return to the greenback,” Unicredit FX strategist Roberto Mialich said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Advertisement