Hedge Funds Cut Yen Shorts at Fastest Pace Since 2007 Before Fed
- Yen speculative short positions pared to lowest since April
- Dollar can't rise "without an event to change the market mood"
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Hedge funds and other large speculators have slashed bets on yen declines at the fastest pace since 2007 as U.S. jobs data for August failed to decisively set the stage for the Federal Reserve to raise interest rates next week.
Positions that profit from yen weakness were cut for a third consecutive week in the period through Sept. 1, data from the Commodity Futures Trading Commission showed. Net yen shorts fell to 15,555 contracts, from 105,226 three weeks earlier on Aug. 11.