NEW YORK: Hedge funds have capitulated on their short-dollar bets, turning bullish on the greenback for the first time since November as US Treasury yields surge to pre-pandemic levels.
Leveraged funds flipped to become net buyers of the world’s reserve currency during the week to March 16, with long positions rising to 2,414 contracts, compared with shorts of 62,781 a week earlier, according to Commodity Futures Trading Commission data on seven major currencies aggregated by Bloomberg.
They added bearish bets on the yen and euro and switched from bullish positions on the New Zealand dollar.
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