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Activity in the futures market may be pointing to a dollar rally, but that rally is off to an inauspicious start.

The dollar Monday fell about 1.2 cents versus the euro to $1.5522 and about 1 cent versus the British pound to $1.9570, even while a key currency futures indicator turned dollar bullish for the first time in more than 2 years.

Net dollar longs by hedge funds and other currency traders/investors totaled 21,315 on April 29, 2008, according to data released by Commodity Futures Trading Commission in Washington, Bloomberg News reported Monday; there were net dollar short positions in each of the previous 123 weeks.

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Futures data indicate sentiment turning bullish toward dollar originally appeared on BloggingStocks on Mon, 12 May 2008 17:41:00 EST. Please see our terms for use of feeds.

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