{"id":106507,"date":"2021-02-08T13:52:16","date_gmt":"2021-02-08T13:52:16","guid":{"rendered":"https:\/\/fin2me.com\/?p=106507"},"modified":"2021-02-08T13:52:16","modified_gmt":"2021-02-08T13:52:16","slug":"dollar-steadies-analysts-flag-potential-short-squeeze","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/dollar-steadies-analysts-flag-potential-short-squeeze\/","title":{"rendered":"Dollar steadies, analysts flag potential short squeeze"},"content":{"rendered":"

LONDON, (Reuters) – The dollar steadied on Monday, recovering some ground against a basket of peer currencies after falling sharply on worse than expected U.S. jobs data last week.<\/p>

FILE PHOTO: U.S. one hundred dollar notes are seen in this picture illustration taken in Seoul February 7, 2011. REUTERS\/Lee Jae-Won\/File Photo<\/figcaption>

The dollar index traded 0.2% higher on the day, at 91.174.. On Friday, it fell as low as 90.981 after data showed the U.S. economy created fewer jobs than expected in January and job losses the previous month were greater than initially reported.<\/p>\n

Speculators have been reducing short positions – bets the dollar will weaken – on the currency. Some analysts have flagged the likelihood that the same speculators will be forced out of their short positions by a rise in the dollar.<\/p>\n

Net bearish bets on the dollar by speculators fell to $29.95 billion for the week ended Feb. 2, compared with a net short position of $33.81 billion for the previous week, according to calculations by Reuters and U.S. Commodity Futures Trading Commission data.<\/p>\n

Francesco Pesole, FX strategist at ING said, that even if the USD recovery stalls, \u201cwe could continue to see evidence of a USD short squeeze in the coming weeks\u201d.<\/p>\n

The euro traded 0.2% lower against the dollar on Monday, at $1.2029.<\/p>\n

In a note to clients, J.P. Morgan strategists said they \u201chave growing confidence of underperformance of EUR vs USD\u201d.<\/p>\n

\u201cThat warrants two changes to the portfolio: 1) rotating away from USD to fund trades primarily out of EUR, and 2) selling EUR\/USD outright in spot.\u201d<\/p>\n

Investor morale in the euro zone unexpectedly fell in February as lockdowns to suppress the COVID-19 caseload left their mark on the economy, which lost touch with other regions in the world as they recovered further, a survey by Sentix showed.<\/p>\n

Sentix\u2019s investor sentiment index for the euro zone fell back into negative territory, dropping to -0.2 from 1.3 in January. A Reuters poll had pointed to a reading of 1.9.<\/p>\n

The British pound bought $1.3686, 0.3% lower to the dollar.<\/p>\n

The dollar was quoted at 105.62 yen, having pulled back from a three-month high reached on Friday.<\/p>\n

In the cryptocurrency market, ethereum spot prices rose nearly 3% to $1,660 after the listing of ethereum futures on the Chicago Mercantile Exchange on Sunday.<\/p>\n

Bitcoin, the world\u2019s biggest cryptocurrency by market capitalisation, rose 1.2% to $39,347.<\/p>\n

The onshore yuan edged up to 6.4547 per dollar, but trade is likely to be subdued before the week-long Chinese New Year holidays beginning Thursday.<\/p>\n

Elsewhere, the Australian dollar was off 0.3% at $0.7657. Across the Tasman Sea, the New Zealand dollar traded 0.2% lower at $0.7182.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

LONDON, (Reuters) – The dollar steadied on Monday, recovering some ground against a basket of peer currencies after falling sharply on worse than expected U.S. […]<\/p>\n","protected":false},"author":3,"featured_media":106506,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nDollar steadies, analysts flag potential short squeeze - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/dollar-steadies-analysts-flag-potential-short-squeeze\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dollar steadies, analysts flag potential short squeeze - Fin2me\" \/>\n<meta property=\"og:description\" content=\"LONDON, (Reuters) – The dollar steadied on Monday, recovering some ground against a basket of peer currencies after falling sharply on worse than expected U.S. [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/markets\/dollar-steadies-analysts-flag-potential-short-squeeze\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-08T13:52:16+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/02\/cnewsfotor7-2.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/markets\/dollar-steadies-analysts-flag-potential-short-squeeze\/\",\"url\":\"https:\/\/fin2me.com\/markets\/dollar-steadies-analysts-flag-potential-short-squeeze\/\",\"name\":\"Dollar steadies, analysts flag potential short squeeze - 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