From BofAML‘s monthly survey of instos:
The Big November FMS takeaway is that the most vulnerable tactical trade heading into Dec Fed hike is “long dollar”, and associated positioning, i.e. long discretionary, Eurozone, banks, Japan, and short EM, resources, commodities.
Exhibit 2 shows that “long USD” is the most crowded trade by far (32%), followed by the related trades of “short commodity stocks” (15%) and “short EM equities” (15%)