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Net Long Dollar Specs Decrease Slightly Despite USD Strength

  • Net long specs on the US Dollar decreased in the week ended June 28, down 35.2K to a total of 213.3K contracts.
  • Risk off sentiment amid elevated geopolitical uncertainty combined with the ‘hawkish’ Fed keep pushing the US Dollar higher against major crosses.
  • The DXY index has been trending higher in the past week after finding support slightly below the 104 level.
  • Momentum on the greenback remains broadly bullish despite trading close to a 20Y high as recession fears have been surging, particularly in Europe.
  • First resistance to watch on the topside stands at 105.7880 (June 17 high), followed by 106.
  • On the downside, key support to watch stands at 104.

Source: Bloomberg/MNI

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