Speculative bets favoured the US dollar in the latest week, posting their highest long position since mid-September, according to the latest data from the Commodity Futures Trading Commission released on Friday. The value of the dollar's net longs totalled $7.02 billion in the week ended November 5, from a short position of $3.146 billion in the week ended October 29.
Speculators turned long the greenback for the first time since the week of October 1 and this week's long contract total was the largest since the week of September 17. To be short a currency is to bet it will decline in value, while being long is a view its value will rise. The Reuters calculation for the aggregate US dollar position is derived from net positions of International Monetary Market speculators in the yen, euro, British pound, Swiss franc, Canadian and Australian dollars.
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