Nov 11 (Reuters) - Speculative long dollar positions could enjoy bigger gains in the near-term due to combination of fundamental and technical factors.
The speculative long position - derived from net contracts of International Monetary Market speculators in the euro, yen, pound, Swiss franc, Canadian and Australian dollars - fell slightly. For the week ending Nov. 5, the value of net positions held by speculators slipped to $17.89 billion long from $18.56 billion a week earlier.
The greenback was near levels seen right after the U.S. presidential election against major currencies as markets focused on data and Federal Reserve speakers and waited for clarity about future U.S. policy.
The USD index, which tracks the dollar against a basket of six major currencies, ended last week above the 104.719 Fibo, a 61.8% retrace of the 106.13 to 100.15 (June to September) drop. That is a bullish development that should spark bigger gains to the June 106.13 peak, especially as fourteen-day momentum remains positive.
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(Martin Miller is a Reuters market analyst. The views expressed are his own)
((martin.miller@thomsonreuters.com))
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