Updated Oct. 13, 2023 9:50 am ET
0943 ET – The dollar weakens after yesterday’s surge, with the WSJ Dollar Index down 0.1% and the greenback weaker versus most traded currencies. Long USD is now “the most crowded trade,” according to a Bank of America survey. BofA economists say in a report that sentiment has changed over the summer. “At the start of August respondents were most concerned about longs in risk,” they say. “In September the most crowded position was considered to be the long in rates. And now, investors are most worried about the longs in USD.” The survey “points to vulnerabilities in USD longs or in opportunities for US duration buying,” the economists say. ([email protected]; @ptrevisani)
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