Societe Generale: US Data Prompts Reduction in Speculative Bullish Bets on the Dollar

Odaily Planet Daily News: In a report, Kit Juckes, an analyst at Societe Generale, stated that as the rationale for holding long dollar positions weakens, speculators are trimming their bets on dollar strength, with market trading currently light. He said: "Perhaps this month's US data has sent us a false signal (although it is only one month of data, the scope is quite broad—consumption, inflation, and employment all came in weaker than expected)." These data have prompted the market to lower its expectations for US interest rate hikes. Juckes said the question now is whether to wait for September's data or accept the expectation that the dollar index may hover in the 95-100 range for the remainder of the year. (Jin10)