Dollar Torn Apart By Bears

Anti-dollar sentiment is again running rampant: Please consider this article, from the Financial Times, which discusses how speculative bets against the dollar have risen to their highest level since the onset of the financial crisis. Positioning data from the Chicago Mercantile Exchange, often used as a proxy for hedge-fund activity, showed that in the week ending May 19, bets against the dollar -- short positions -- versus the euro, exceeded bets on dollar strength by 12,250 contracts.

This net short position was the highest level since the week of July 15, when the dollar hit a record low of $1.6038 against the euro.