US Dollar Speculative Longs Hit $48 Billion, Highest Since 2015

Speculative long positioning in the US dollar has reached $48 billion, the highest level since 2015. The figure reflects directional bets from hedge funds and asset managers rather than hedging-related flows.

Bullish positioning has more than quadrupled over the last three months. Long bets now stand more than two standard deviations above the average since 2012.

Professional investors are on track for a sixth consecutive month of net long US dollar exposure, the longest streak since 2022. The data point to a crowded long trade as market participants continue to bet heavily on the US currency.