Improving Sentiment on USD

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Speculative positions on the dollar have changed significantly since the beginning of the year, going from a strong short dollar conviction against a wide range of currencies to a global neutralisation of these positions. If the market entered 2021 with the conviction that the US dollar would be the big loser of the recovery, the situation is now very different. Positioning on the dollar is now « cleaner » than it was three years ago, and we find it difficult to see this as an overshoot.

 

Improving Sentiment on USD
Source: Bloomberg, Unigestion. Data as at 19 March 2021.


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