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EURUSD: Weekly Analysis & Forecast

Traders who just boosted bearish dollar bets might still be wishing it was 2023 after the greenback rang in the new year with its best start in more than a decade.

Non-commercial traders — a group that includes hedge funds, asset managers and other speculative market players — added to their short positions on the dollar in the week ended Tuesday, according to CFTC data compiled by Bloomberg. Roughly 96,800 contracts worth almost $10 billion are now tied to expectations that the US currency will fall, up more than 26,000 from the previous week and the most bearish since late August.

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