Market Insider

Watch this signal for more dollar strength

A board shows U.S. dollar exchange rates in Rio de Janeiro.
Sergio Moraes | Reuters

Dollar bulls are charging ahead, making a number of bets in the futures market.

In just a week, average daily open interest for the U.S. dollar index futures increased 78 percent year-to-date from last year, with record levels set as the dollar index climbed to near 12-year highs, ICE data showed.

Open interest is the number of contracts available for trading. A higher number is a bullish indication that more money is flowing into a futures index.

"There's really conviction around the dollar so people are trying to snap up these futures," said Myles Clouston, senior director with Nasdaq Advisory Services. "Folks are trying to hedge against any risk … and lock in that futures rates with the dollar so strong."