Dollar May Gain as Bullish Bets on Swiss Franc Peak, Lloyds Says
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Investors should buy the dollar versus the franc as bullish positions on the Swiss currency climb to their highest level in more 17 months, indicating it may have gained too much, too fast, Lloyds Banking Group Plc recommended.
The difference in the number of wagers by hedge funds and other large speculators on an advance in the franc compared with those on a drop -- so-called net longs -- was 11,631 on Jan. 1, the highest level since the week ended Aug. 5, according to data from the Washington-based Commodity Futures Trading Commission. Traders had a net-short position in francs as recently as November, the data showed.