Hedge funds piled into bullish dollar bets this month despite the currency’s slide on softening US economic data and increasing expectations that the Federal Reserve’s most aggressive rate-hiking cycle in a generation is near an end.

A metric of leveraged funds’ net longs on the greenback against eight currencies rose to its highest level since February 2022 as of Nov. 21, according to data from the Commodity Futures Trading Commission aggregated by Bloomberg. It stood at net long 103,042 contracts, just above a previous year-to-date high seen in April, after bottoming around a net short position of around 72,000 contracts in March.