Hedge funds have turned bullish on the dollar for the first time since March as speculation builds that Federal Reserve policymakers will retain a hawkish bias when they meet this week.
Leveraged funds and other major players held a combined 18,000 net long positions on the dollar across eight major peers in the week ended Sept. 12, versus 25,175 net shorts the week before, Commodity Futures Trading Commission data show. The switch was driven by the biggest slide in euro longs since January as traders bet the European Central Bank is about done raising interest rates.
“We expect a hawkish hold from the Fed this week that leaves the door open for further tightening,” he said. “On the other hand, virtually every other major central bank that’s meeting this week is expected to follow in the ECB’s footsteps and hike rates 25 basis points whilst signaling a peak is near.”
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