(Bloomberg) -- Hedge funds are finally making some inroads with their bullish U.S. dollar bets and are continuing to up their stakes. With the greenback breaking out of its recent trading range last week, speculators increased their net long positions on the American currency to the highest since January 2017, according to the latest data from the Commodity Futures Trading Commission. Still, traders should be cautious -- the dollar's relatively weak reaction to the strong U.S. jobs report Friday showed more upside may be hard to come by, Goldman Sachs Group Inc. strategists led by Zach Pandl wrote in a note.
--With assistance from Joanna Ossinger.
To contact the reporter on this story: Cormac Mullen in Tokyo at cmullen9@bloomberg.net
To contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Matt Turner, Adam Haigh
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