Dec 23 (Reuters) - Speculative dollar long positions have continued to grow, highlighting expectations that the greenback looks set for even bigger gains in the days and weeks ahead.
The speculative long position - derived from net contracts of International Monetary Market speculators in the euro, yen, pound, Swiss franc, Canadian and Australian dollars - has risen to its highest level since July. For the week ending Dec. 17, the value of net positions held by speculators climbed to $26.11 billion long from $22.88 billion a week earlier.
The dollar pulled back from a two-year high on Friday, but registered its third straight week of gains, with data showing a slowdown in inflation two days after the Federal Reserve cut interest rates and indicated inflation was stubborn enough to scale back cuts in 2025.
The USD index, which tracks the greenback against a basket of six major currencies, is bullish. The 14-week momentum reading remains positive. Expect the USD index to climb further to eventually probe the major 108.962 Fibo, a 61.8% retrace of the 114.78 to 99.549 (2022 to 2023) drop.
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(Martin Miller is a Reuters market analyst. The views expressed are his own, editing by Ed Osmond)
((martin.miller@thomsonreuters.com;))
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