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Dollar weakened after Powell testimony to Congress
US dollar net long bets declined to $15.19 billion from $15.53 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 16 and released on Friday July 19. The dollar strengthening reversed as Powell comments in testimony to Congress emphasized rising risks to the US economy from trade policy and slowing global growth, as well as falling price inflation, which confirmed Federal Reserve plans a rate cut in July.
CFTC Sentiment vs Exchange Rate
| July 16 2019 | Bias | Ex RateTrend | Position $ mln | Weekly Change |
| CAD | bullish | positive | 1602 | 899 |
| AUD | bearish | positive | -3685 | 105 |
| EUR | bearish | neutral | -4393 | 631 |
| GBP | bearish | positive | -5919 | -235 |
| CHF | bearish | positive | -1484 | -172 |
| JPY | bearish | negative | -1314 | -893 |
| Total | -15194 |
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