The US dollar remained firm last week.   The strongest of the majors was the Norwegian krone, and it rose less than 0.2% against the greenback.   The volatility is continuing to compress.  The one-month euro and yen implied volatility is a little below 5%, which puts it at five-year lows.   Another important characteristic of the foreign exchange market is that speculators are long dollars, which in the futures market is expressed as short the currency contracts.  Non-commercials (speculators) are net short all the major currency pairs.  The speculative net short position is the largest since 2016.  They are net short the most yen contracts in three months and the most Australian dollars contracts in five months.