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When a country's economy gets stronger, its currency follows. The recent unemployment report on Dec. 4 was much better than expected. If the economy is stronger, the Federal Reserve will raise interest rates. Both of these factors have sparked a dollar rally.
The rally was most likely caused by short-covering, the Financial Times reports. When a trader "sells short," he or she must "buy" to cover the position. The Chicago Mercantile Exchange (CME), where currency contracts are traded, keeps a running tally of the long and short positions in each currency. On Dec. 1, there were 172,367 net short dollar positions. By Dec. 8, this number had dropped to 107,284, The value of this shift in net positions was $9.8 billion dollars.
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