By IFCMarkets

US dollar net long bets dropped dramatically to $ 13.12 billion from $21.75 against the major currencies during the one week period, according to the report of the Commodity Futures Trading Commission (CFTC) covering data up to July 2 and released on Monday July 8. The dollar sentiment deteriorated as Federal Reserve’s preferred gauge for inflation – the personal consumption expenditure index, declined from 1.6% over year in April to 1.5% in May while durable goods orders dropped 1.3% over month with trade deficit widening 5.1% .

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