Traders have become the most bullish on the US dollar since February 2025, holding US$27.8 billion in net long positions as of June 9, 2026, according to Commodity Futures Trading Commission (CFTC) data released June 12 [1, 2].
This surge in bullish sentiment follows the outbreak of war in the Middle East, triggered by the late February 2026 US and Israeli attack on Iran. The conflict boosted oil prices and reinforced the US dollar’s status as a safe-haven currency [1, 2]. The dollar has risen approximately 1.6% since the attack, fueled by haven buying and solid US economic data [2].
Before the outbreak of war, traders held around US$22 billion of bets on a weaker dollar. Since then, speculative traders have maintained a bullish stance on the dollar for 13 consecutive weeks, reflecting heightened risk aversion [2].
Leverage funds have also increased negative bets on the Japanese yen to the highest level since 2017. The yen is trading near 160 against the US dollar, indicating broad shifts in currency markets amid the geopolitical tensions [2].
Alex Cohen, foreign-exchange strategist at Bank of America Corp, said, "The fundamental picture continues to point in the bullish direction for the dollar" [2].
The next update on traders’ positions will come with the CFTC’s regular weekly release, monitoring shifts in market positioning amid ongoing geopolitical uncertainty.
