Warsh's nomination as Federal Reserve Chairman triggered the dollar's largest single-day gain since May of last year. Data from the Commodity Futures Trading Commission (CFTC) shows that in the week ending January 27, fund managers increased their bearish bets on the dollar by $8.3 billion, the largest increase since April 2025. Meanwhile, hedge funds reduced their net long dollar positions by $5.1 billion, the largest reduction since July 2024. Michael Brown, senior research strategist at Pepperstone Group, stated that despite the dollar's rebound, policy uncertainty will persist, and there are still reasons to short the dollar. During Monday's Asian trading session, the dollar fluctuated wildly, initially rising before turning downwards.
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