US dollar futures buying positions have surged to $34.3 billion as of June 23, the highest level in 18 months. The rise includes risk‑cover funds and asset managers who are taking positions based on price trends and macro views rather than just hedging.
Long positions have more than tripled in the past seven weeks and this marks the 15th straight week of net long exposure – the longest 21‑week run since 2024‑25. Meanwhile, leveraged funds have pushed short yen positions to 115,033 contracts, approaching the November 2017 peak.
The data suggest that the bullish stance on the dollar could reverse soon.