Investors have increased bullish bets on the US dollar at a record pace, with speculative net long positions near $30 billion, the highest level since President Donald Trump’s second term began, according to 36Kr citing US Commodity Futures Trading Commission (CFTC) data. Net long positions rose by about $37 billion in the first half of 2026, marking the fastest first-half increase since the CFTC began tracking the data in 2012.
Neuberger portfolio manager Joseph Purtell said the dollar could strengthen in the near term as US real interest rates rise, and may break out of its trading range over the past six to nine months, while warning that longer-term structural issues such as US fiscal sustainability could weigh on the currency. Separately, Bank of America estimated $341 billion has flowed into US equities year to date, compared with $134 billion in the same period last year.