Speculators reduced bets against the US dollar for the second straight week, data from the Commodity Futures Trading Commission showed on Friday. The value of the dollar's net short position fell to $17.05 billion in the week ended June 21, from a net short of $25.14 billion a week earlier.
Speculators have been short the dollar for nearly a year, according to the CFTC data. This week's reduction in the net short, though, was the largest since early March and coincided with growing worries about the US and global economies. Bets in favour of the euro and Canadian dollar were cut sharply as Greece's debt crisis and lower oil prices hurt demand for those two currencies. Sentiment on sterling flipped, with speculators betting against the British currency after being long the prior week.
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