Mutual funds were USD bulls going into April’s tariff chaos

Illustration of a businessman pushing a large dollar coin

- By Cole Lipsky
- 10 Jul 2025

US mutual funds and exchange-traded funds went into April’s tariff turmoil holding the highest net long US dollar position in recent years.

According to FX Markets’ Counterparty Radar data, mutual funds’ net long USD notional position, via foreign exchange forwards, stood at $455.7 billion by the end of the first quarter, the highest long USD position held by asset managers since 2020.

Long US dollar forward positions against G10 currencies totalled $689 billion, an increase of 10% from the end

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