Hedge funds turned bearish on the dollar for the first time since May 2018, an indication that a summer slump in the world’s reserve currency will be prolonged. Net futures and forward positions held by leveraged funds against eight other currencies dropped to minus 7,881 contracts last week, according to data aggregated from the Commodity Futures Trading Commission. The swing was driven by growing bullish bets on the euro. The dollar has come under increasing pressure since late March after the Federal Reserve pledged unlimited liquidity to support an economy hurt by the coronavirus pandemic. The central bank’s ... (full story)