A chaotic spell for the dollar has insurers guessing.

Insurers have been buying longer-dated forwards when the dollar plunges—and rallies.

(Please use a modern browser to see the interactive version of this visualization)

Note: Right curve comprises rolling 20-day sums for USD contracts with 60+ days time to maturity, indexed to Jan. 2023 level. For a representative sample of US insurers with FX exposure.

Source: Clearwater Analytics, ICEDownload image