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NEW YORK: US dollar net shorts fell to their lowest value since late April, according to calculations by Reuters and Commodity Futures Trading Commission data released on Friday.

The value of the net short dollar position dropped to $8.30 billion in the week ended July 6, from net shorts of $10.44 billion in the previous week. US dollar net short contracts slid for a third straight week.

US dollar positioning was derived from net contracts of International Monetary Market speculators in the Japanese yen, euro, British pound and Swiss franc, as well as the Canadian and Australian dollars.

In a broader measure of dollar positioning that includes net contracts on the New Zealand dollar, Mexican peso, Brazilian real and Russian ruble, the greenback posted a net short position of $8.57 billion this week, compared with net shorts of $10.94 billion the week before.

The US dollar index has risen by 1.75% since the Federal Reserve at its June meeting surprised markets with a hawkish tone. In the central bank's so-called dot plot released after the two-day meeting, the majority of Federal Open Market Committee members forecast two interest rate hikes by the end of 2023, sooner than had previously been expected.

In June, the dollar index posted its best monthly performance since November 2016. This month, however, the index's performance has been mixed. While the dollar on July 7 reached its highest since early April, it has since fallen 0.8% as risk appetite has returned to the market.

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