Currency speculators reduced bets against the US dollar in the latest period to their lowest level since the week of January 11, according to data from the Commodity Futures Trading Commission released on Friday. The value of the dollar's net short position fell to $12.44 billion in the week ended June 28, from net shorts of $17.05 billion a week earlier.
To be short a currency is to bet it will decline in value, while being long a currency is a bet its value will rise. The Reuters calculation for the aggregate US dollar position is derived from net positions of International Monetary Market speculators in the yen, euro, British pound, Swiss franc, Canadian and Australian dollars. Sterling net shorts also rose to 18,349 contracts, their highest since July 2010.
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