(Bloomberg) – Money managers are growing bearish on the dollar amid bets that the US Federal Reserve may be nearing the peak of its rate-hike cycle.

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Investors increased their short positions in the reserve currency to 321,758 contracts last week, the highest since July 2021, according to data from the Commodity Futures Trading Commission on eight currency pairs, compiled by Bloomberg. Hedge funds are similarly bearish: They have the greenback for a fifth sold…