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Highlighting last week’s currency data is the US Dollar Index speculator bets continuing to climb higher. The Dollar Index positions rose for the third time in the past four weeks and have now increased for twenty out of the past twenty-three weeks as the net position has risen by a total of 38,078 contracts over that period. The dollar positioning has been over the +34,000 contract level for seven weeks in a row and if the position hits above +40,000 contracts, it would mark the first time since October of 2019 to hit that threshold. The Dollar Index strength index (compared to its three year range of positioning) remains in extreme bullish territory (over 80 percent) at an 87.5 score and has now been above 80 percent for eight consecutive weeks. The last time the Dollar Index had registered a bullish extreme level was also in October of 2019 when it rose as high as 94.5 percent before cooling off.

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