Hedge funds have ramped up their bearish dollar bets by more than $7 billion in a week, and are now sitting on their biggest net short dollar position in over two years.
Foreign exchange speculators' long sterling position are now the biggest on record, although decent interest in shorting the pound means the overall net long position remains at a 16-year high, not an all-time peak.
It is the most substantial bet on the dollar falling since March 2021, and marks the 37th week in a row funds have been net short. To be 'short' an asset is essentially a bet that it will fall in value, while to be 'long' is effectively a bet that it will appreciate. Investors often use futures contracts to hedge positions, but the CFTC data are often a pretty good guide to hedge funds' directional view on a given asset.
But the net long euro position is nearing record levels, perhaps not a total surprise given that the trade-weighted euro last week hit its strongest level ever.
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