Wall Street closes at a record for the first time since end of January
Investing.com -- Tactical dollar positioning has shifted to roughly neutral levels in recent days, according to option market pricing data from Goldman Sachs.
The skew-based positioning measure shows dollar positions have been reduced significantly, marking a notable change from earlier positioning trends. This shift aligns with the trade-weighted dollar’s near complete round-trip movement in spot terms since the start of the Middle East conflict.
Across G10 dollar pairs, positioning has moved toward more neutral territory. The data indicates some remaining net short positions in the Scandinavian currencies, while other pairs show directional positioning of no more than 0.3 standard deviations.
Recent sessions have seen unwinds in option-based positioning, accompanied by a broad compression in at-the-money volatility. Several currencies, including the Japanese yen and British pound, have seen volatility reprice to levels below those recorded on Feb. 27.
The option market pricing continues to reflect large shifts in dollar positioning during 2026, particularly when compared to movements seen in 2025. Despite the overall neutralization of tactical positioning, differentiation remains across dollar pairs based on the terms of trade dimension of the shock.
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