NEW YORK, July 1 (Reuters) - Currency speculators reduced bets against the U.S. dollar in the latest period to their lowest level since the week of Jan 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.
The Reuters calculation for the aggregate U.S. dollar position is derived from net positions of International Monetary Market speculators in the yen, euro, British pound, Swiss franc, Canadian and Australian dollars.
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.
Sterling net shorts also rose to 18,349 contracts, their largest since July 2010.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Chizu Nomiyama)