PFGBEST Currency Comment

CHICAGO - Mar 16/10 - SNS -- Following is the currency futures comment from PFGBEST Research.

IMM Currency Specs Increasing Bets Short Euro

CFTC data released Friday March 12th showed currency speculators decreased the net long position on the US dollar  from $5.58 billion to$3.99  billion in the week ending March 9th, according to Reuters News. In addition, large specs increased their short positions to yet another record high since the inception of the Euro in 1999.

Other significant changes from the last report include specs decreasing net longs in the Yen, decreasing the very large net short sterling positions only slightly, and nearly doubling the net long positions in the Canadian dollar to above the net long Australian dollar positions.

The FOMC meets today March 16th, and is widely expected to keep the benchmark interest rate unchanged until November, according to a Bloomberg News survey of economists earlier this month.

JAPANESE YEN (Contracts of 12,500,000 yen)

3/09/10 week 3/02/10 week

Long 51,919 57,332

Short 25,631 24,780

Net 26,288 32,552

EURO (Contracts of 125,000 euros)

3/09/10 week 3/02/10 week

Long 32,589 35,894

Short 107,140 102,664

Net -74,551 -66,770

POUND STERLING (Contracts of 62,500 pounds sterling)

3/09/10 week 3/02/10 week

Long 10,417 13,862

Short 73,890 81,411

Net -63,473 -67,549

SWISS FRANC (Contracts of 125,000 Swiss francs)

3/09/10 week 3/02/10 week

Long 10,727 11,508

Short 15,872 17,818

Net -5,145 -6,310

CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars)

3/09/10 week 3/02/10 week

Long 71,350 47,170

Short 9,951 8,881

Net 61,399 38,289

AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars)

3/09/10 week 3/02/10 week

Long 69,885 59,106

Short 8,600 10,345

Net 61,285 48,761

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PFGBEST Research Team

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