Currencies
Hedge Funds, Asset Managers Turn Dollar Bulls on Election Risks
- Market is net long the dollar by some $9.2 billion: CFTC
- Cost to hedge further strengthening in dollar is also rising
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Speculative currency traders are betting on a stronger greenback for the first time in two months. The shift comes two weeks out from the US election.
Hedge funds, asset managers and other speculators in the week up to Oct. 22 held some $9.2 billion in bullish dollar positions, latest data released by the Commodity Futures Trading Commission and compiled by Bloomberg show. That’s the first net long since August and a flip in positioning of some $10.6 billion from week prior, when traders held a net short on the dollar.