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As reported by Reuters, recent CFTC data shows that currency speculators have raised their net USD-long positions.

Key quotes

The value of the net long dollar position was $28.49 billion in the week ended Nov. 20, up from $27.11 billion the previous week. Speculators have been net long on the dollar for 23 straight weeks, after being short for 48 consecutive weeks.

In a broader measure of dollar positioning  that includes net contracts on the New Zealand dollar, Mexican peso, Brazilian real and Russian ruble, the U.S. dollar posted a net long position of $28.98 billion, compared with $27.89 billion a week earlier.

The dollar gained ground last week on safe-haven bids as risk appetite worsened with a sell-off in stocks and decline in oil prices. The drop in oil prices was particularly worrisome as it suggested slowing global growth.

“Any signs that the United States may escalate the trade war with China further will probably lend further support to the greenback,” said Erik Nelson, currency strategist, at Wells Fargo in New York.  “Accordingly, we see risks as tilted toward modest dollar gains over the next few days.”