See page 6 for analyst certification and important disclosures. J P M O R G A N Global FX Strategy 10 August 2025 JPM FX Positioning Monitor The state of the USD short Figure 1: Shorts have been covered in the futures space, while net USD put demand has ebbed in recent weeks... Net USD FX futures positioning. USD bns. Figure 2: ...but USD positioning remains short Net USD options flow (calls less puts, notionals). Z-score. Global FX Strategy Patrick R Locke AC (1-212) 834-4254 patrick.r.locke@jpmchase.com K ...