The Forex market in 2024 ended with strong demand for the United States Dollar (USD) and Australian Dollar (AUD). According to Bank of America, the USD experienced significant growth, especially against Emerging Market Foreign Exchange (EMFX). Hedge funds took long positions on USD and AUD, showcasing their confidence in these currencies.
Investors were particularly focused on the fourth quarter of 2024. During this period, hedge fund positioning for USD-EM FX was notably stretched. Real money positioning appeared lighter, creating opportunities for traders.
While USD and AUD thrived, the Canadian Dollar (CAD) and New Zealand Dollar (NZD) struggled to gain investor interest. CAD was one of the most sold currencies in 2024. Hedge funds maintained their maximum short positions on CAD throughout the year.
The NZD also saw limited demand, with real money positioning remaining short. Other currencies like the Swiss Franc (CHF) and Norwegian Krone (NOK) faced similar challenges. NOK, in particular, was heavily sold, reflecting weak market sentiment.
The USD showed exceptional strength against the Euro (EUR) and British Pound (GBP) in the fourth quarter. Investor sentiment for USD options significantly improved during this time. Hedge funds and real money investors saw value in USD’s stability, leading to increased demand.
On the other hand, GBP maintained a long position among real money investors. Despite this, its performance was overshadowed by the strong momentum of the USD.
The Forex market in 2024 showcased a clear divide between thriving and struggling currencies. USD and AUD emerged as leaders, while CAD, NZD, and NOK faced challenges. For traders seeking the latest Forex market updates and analysis, explore our website for detailed insights and strategies.
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