Dollar Bulls Surge as Euro and Pound Shorts Build

The US dollar experienced a significant surge in bullish bets last week, with net-long exposure rising by $12.5 billion to $17.3 billion, the fastest weekly increase in seven years.

According to the COT report, futures traders increased bearish exposure to both the euro and British pound as the dollar rally gained momentum.

The US dollar index has rallied 2.6% in 11 days, with some analysts suggesting that this rally is not yet over.

The next few weeks will be crucial for the dollar's momentum, with several key events scheduled to take place, including Fed members speaking and releases of important economic data such as ISM, NFP, and PCE inflation.