UPDATE 1-Speculators cut long dollar bets in latest week-CFTC

NEW YORK, Oct 28 (Reuters) - Currency speculators decreased
bets in favor of the U.S. dollar to the lowest in six weeks in
the latest week, according to data from the Commodity Futures
Trading Commission released on Friday.
The value of the dollar's net long position fell to $8.92
billion in the week ended Oct. 25, the lowest since the week
ended Sept. 13. Net long dollar positions stood at $14.86
billion a week earlier.
Speculators doubled their bets in favor of the Japanese yen
to 54,279 contracts in the latest week, the highest since the
beginning of August.
The positioning shift came as the yen repeatedly
strengthened to record highs against the U.S. dollar, with
traders testing the resolve of Japanese financial authorities
to launched renewed intervention efforts to weaken their
currency.
The dollar hit an all-time low of 75.661 yen on electronic
trading platform EBS on Thursday.
Short euro bets were little changed going into this
week's summit of European leaders, but they likely have since
declined sharply after a long-awaited agreement struck on
Thursday to contain the debt crisis sparked a strong
short-covering rally and pushed the euro to a seven-week high
against the dollar.
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 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.
JAPANESE YEN (Contracts of 12,500,000 yen)
10/25/11 week 10/18/11 week
Long 75,999 49,047
Short 21,720 22,140
Net 54,279 26,907
EURO (Contracts of 125,000 euros)
10/25/11 week 10/18/11 week
Long 21,323 20,977
Short 97,835 98,697
Net -76,512 -77,720
POUND STERLING (Contracts of 62,500 pounds sterling)
10/25/11 week 10/18/11 week
Long 18,917 16,946
Short 69,064 70,172
Net -50,147 -53,226
SWISS FRANC (Contracts of 125,000 Swiss francs)
10/25/11 week 10/18/11 week
Long 5,077 3,829
Short 6,280 6,072
Net -1,203 -2,243
CANADA DOLLAR (Contracts of 100,000 Canadian dollars)
10/25/11 week 10/18/11 week
Long 25,368 23,343
Short 43,291 48,138
Net -17,923 -24,795
AUSTRALIA DOLLAR (Contracts of 100,000 Aussie dollars)
10/25/11 week 10/18/11 week
Long 45,831 41,395
Short 22,760 21,042
Net 23,071 20,353
MEXICO PESO (Contracts of 500,000 pesos)
10/25/11 week 10/18/11 week
Long 10,160 8,298
Short 37,215 32,427
Net -27,055 -24,129
NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand
dollars)
10/25/11 week 10/18/11 week
Long 13,298 12,445
Short 4,079 4,220
Net 9,219 8,225