Woofun AI data shows that speculative net long positions in the US dollar have reached approximately $30 billion, representing the highest level since Donald Trump assumed his second term. During the first half of this year, these positions expanded by an additional $37 billion, constituting the fastest growth rate recorded by the CFTC since 2012.

Joseph Purtell, portfolio manager at Neuberger, stated that rising US real interest rates are likely to drive short-term dollar strength, potentially breaking the trading range observed over the past six to nine months.

However, he noted that long-term structural issues, including US fiscal sustainability, could eventually weaken the currency. Bank of America estimates that $341 billion has flowed into the US stock market year-to-date, significantly exceeding the $134 billion recorded in the same period last year.