Speculative traders are ramping up US Dollar long positions: Net bullish speculative positioning in the US Dollar is up to +$18 billion, the highest in 12 months. Speculative traders include hedge funds and asset managers that take positions based on price trends and macro views rather than hedging needs. This marks a sharp reversal from the net -$21 billion short seen in February. The positioning shift continued despite the US Dollar Index declining over the last 2 weeks. By comparison, peak bullish positioning reached ~$35 billion in 2019 and early 2025. Investor demand for the US Dollar is mounting.(The Kobeissi Letter)