Speculators cut dollar bets for 2nd straight week-CFTC, Reuters data

NEW YORK Fri Dec 7, 2012 4:03pm EST

NEW YORK Dec 7 (Reuters) - Currency speculators slashed bullish bets on the U.S. dollar for a second straight week, while they increased short yen positions to a more than five-year high, according to data from the Commodity Futures Trading Commission released on Friday.

The value of the dollar's net long position slid to $920.79 million in the week ended Dec. 4 from $8.01 billion the previous week. This week's net U.S. long dollar position was the smallest since late October when speculators' greenback shorts totaled about $710 million.

To be long a currency is to bet it will rise in value, while being short is a view its value will decline.

Yen shorts this week hit 90,326 contracts, the largest since July 2007.

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