As long as market fears that France is heading towards a political and financial crisis continue to grow, the dollar's rebound is likely to continue. Since the outbreak of turmoil in France last month, hedge funds and other large speculators have reversed the operation of shorting the US dollar, causing the sum of the US CFTC's “Traders' Position Report” to record the biggest increase in three weeks. Speculators have rapidly switched between long and short dollar positions over the past two years. This is only the latest reversal in foreign exchange positions.

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