Hedge funds are increasingly optimistic about the dollar, according to CFTC's updated speculative data. Net USD positions recorded the sharpest change from short to long net positions since 2003. here. In just one week, net positions in USD for large investors rose from -22,084 to 134,925 contracts. Net positions moved to green territory for the first time this year after the USD 5 rally since mid-April.
Looking at the major currency pairs with USD, we do not see good purchase prices, but we need to keep in mind the strong foundation and any greenback adjustment to be used to open new positions or add to existing ones.
Source: Bloomberg Terminal
Chart: Used with permission of Bloomberg Finance L.P.
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