Position data show US dollar longs are returning

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智通财经2026/09/27 11:36

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As of the week ending September 22, U.S. Treasury yields surged and renewed expectations of Federal Reserve tightening, triggering a significant reversal in speculative forex positions.
After reducing a record $50 billion long position in the U.S. dollar to just $5.9 billion for seven consecutive weeks, speculators rebuilt the position to $18.4 billion.
Dollar buying was broad-based, mainly driven by selling of the Japanese yen, euro, and the British pound, while the New Zealand dollar recorded its largest weekly sell-off since 2018.
From a market perspective, the rebuilding of positions reflects the shift in interest rate expectations. If yields continue to rise, the long position in the dollar may accumulate further, but as positions become more crowded, the risk of pullback increases in case of data or policy reversals.

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Position data show US dollar longs are returning

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