Data from the U.S. CFTC shows speculator roll back of the dollar the week through July 27, with net dollar longs at $3.56 billion, the largest since last March.

However, that was before the outcome of the Federal Reserve meeting where the message was unequivocally dovish. [CFTC/] [IMM/FX]U.S. Treasury bond yields fell after the meeting, and real yields – adjusted for inflation – hit record lows.

The Fed’s dovish post-meeting statement was echoed by Fed Governor Lael Brainard who said on Friday “employment has some distance to go”.

The dollar index eased 0.15% to 91.97 by 1130 GMT, just off Friday’s one-month low of 91.775. The index dropped 0.88% last week, its worst since early-May.Earlier in July, it touched a 3-1/2-month high at 93.194 as traders had positioned for a speedy start to tapering.