Hedge funds and speculators continue to revise their bearish view on the dollar, making historic cuts to their short positions at both ends of the risk spectrum.
They have now reduced their short dollar bets against a range of emerging market currencies for five weeks in a row, something they haven't done since 2014.
That's now the smallest net short position in almost a year, according to the latest Commodity Futures Trading Commission figures for the week ending May 8.
They are also now holding their biggest net short Swiss franc position in six years. The move over the last fortnight marks the biggest two-week build-up of bets against the traditional safe-haven currency since 2009.
Foreign exchange has not been a happy hunting ground for hedge funds this year. Eurekahedge's FX Hedge Fund Index was up just 0.13 per cent in April, the smallest monthly gain in over a year, and is down 0.24 per cent year to date.
Emerging markets have come under heavy selling in recent weeks, bearing the brunt of the sharp rise in the dollar and US bond yields since early April. That said, the 10-year Treasury yield's failure to make a convincing break above 3 per cent has taken the wind out of the dollar's sails in recent days.
But the dollar continues to rally against emerging currencies. Certain emerging nations such as Argentina and Turkey have come under particularly heavy pressure, with both currencies slumping to record lows last week.
Hedge funds and speculators active in US futures markets turned against emerging FX in favour of the dollar for the fifth week in a row. The net short dollar position is now worth just $1.6 billion, the lowest since June last year.
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With the Federal Reserve almost alone among major central banks raising interest rates, the dollar and US assets are becoming more appealing relative to higher-yielding but riskier emerging market currencies and assets.
The 10-year US yield of 3 per cent appears to have drawn huge demand for Treasuries, at the same time investors have been turning away from emerging markets.
The market looks to have reached an inflection point though. It's been three weeks since 3 per cent was reached for the first time since 2014, but there has been no follow through.
If 3 per cent holds, currency speculators will have a decision to make: do they continue paring back their short dollar position, or double down on it on the view that 3 per cent is as good as it gets?
The value of the overall net short dollar position against emerging and developed currencies in the latest week was $13.31bn, down from $18.32bn the week before. It's now the smallest net short position since the week ending February 20 and has more than halved since mid-April.
A large part of that, at least in relation to developed currencies, was down to moves in the Swiss franc. CFTC speculative accounts now hold a net short franc position of 32,602 contracts, the biggest since 2012.
They also virtually tripled their net short Australian dollar positions to 16,766 contracts in the latest week.
Reuters
Result
2.15pm: Maiden Dh75,000 1,950m; Winner: Majestic Thunder, Tadhg O’Shea (jockey), Satish Seemar (trainer).
2.45pm: Handicap Dh80,000 1,800m; Winner: Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.
3.15pm: Handicap Dh85,000 1,600m; Winner: Native Appeal, Adam McLean, Doug Watson.
3.45pm: Handicap Dh115,000 1,950m; Winner: Conclusion, Antonio Fresu, Musabah Al Muhairi.
4.15pm: Handicap Dh100,000 1,400m; Winner: Pilgrim’s Treasure, Tadhg O’Shea, Satish Seemar.
4.45pm: Maiden Dh75,000 1,400m; Winner: Sanad Libya, Richard Mullen, Satish Seemar.
5.15pm: Handicap Dh90,000 1,000m; Winner: Midlander, Richard Mullen, Satish Seemar
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20Profile
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Company%20profile
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Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
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COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Eco%20Way%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20December%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Ivan%20Kroshnyi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Electric%20vehicles%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Bootstrapped%20with%20undisclosed%20funding.%20Looking%20to%20raise%20funds%20from%20outside%3Cbr%3E%3C%2Fp%3E%0A
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
SUZUME
%3Cp%3EDirector%3A%20Makoto%20Shinkai%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Nanoka%20Hara%2C%20Hokuto%20Matsumura%2C%20Eri%20Fukatsu%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Profile Periscope Media
Founder: Smeetha Ghosh, one co-founder (anonymous)
Launch year: 2020
Employees: four – plans to add another 10 by July 2021
Financing stage: $250,000 bootstrap funding, approaching VC firms this year
Investors: Co-founders