The US dollar is having a moment. Speculative traders have piled into the greenback with a conviction not seen in over a decade, pushing aggregate net long futures positions to approximately $39.7 to $39.8 billion as of June 30, 2026.
That figure, drawn from the CFTC’s Commitments of Traders report, represents the most bullish positioning on the dollar since roughly 2015-2016.
Eight weeks and counting
Net long positions have increased for eight consecutive weeks, and speculative traders, including hedge funds and asset managers, have maintained net long positioning for 13 straight weeks through mid-June.
The primary catalyst is geopolitical. Fraught dynamics between the US and Iran in the Middle East have amplified demand for the dollar as a safe-haven asset.
