Is the long-term bull market in the US dollar finally over?

Plenty of research notes this week highlight the end of the era of ‘American exceptionalism’ and that’s been a trading theme so far this year as the US dollar has sagged (though it’s bounced a tad today).

In any case, the speculative money has been squeezed out of the US dollar futures trade with CFTC positioning data showing that net USD positioning is short for the first time this year.