(Adds data, tables) By Dion Rabouin Nov 17 (Reuters) - Speculators cut their bearish bets on the U.S. dollar for the seventh straight week, with the net negative value of positions against the greenback falling to a four-month low. Calculations by Reuters of data from the Commodity Futures Trading Commission (CFTC) showed bets on the dollar totaled negative $643 million, the lowest since mid-July when speculators held a net-positive position in the dollar. Short bets against the dollar have extended their decline as the year has progressed and bets on another U.S. interest rate increase from the Federal Reserve have been almost entirely priced into the dollar. Fed funds futures rates show market investors see a 91.5 percent chance of a rate hike at the Fed's next meeting in December, raising the U.S. overnight interest rate to 1.25-1.50 percent, while 8.5 percent see an increase to 1.50-1.75 percent and zero percent of investors see the rate remaining at its current 1.00-1.25 percent level. Speculators' net short position in the Japanese yen grew to its largest since December 2013 as traders continued to bet that the yen would fall. Investors' preference for borrowing at low rates in one currency to invest in another with higher returns creates selling pressure on low-yielding currencies such as the yen. To be long a currency means making a bet that the currency will appreciate, while to be short a currency means betting that it will depreciate in value. 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 and Canadian and Australian dollars. In a wider measure of dollar positioning that includes net contracts on the New Zealand dollar, Mexican peso, Brazilian real and Russian ruble, the U.S. dollar posted a net short position valued at negative $2.41 billion, compared with negative $3.69 billion a week earlier. That is the closest speculators' bets on the dollar have been to even in that metric since they were net-positive on June 30. Japanese Yen (Contracts of 12,500,000 yen) $14.986 billion Nov. 14, 2017 Prior week week Long 49,347 54,336 Short 185,346 182,184 Net -135,999 -127,848 EURO (Contracts of 125,000 euros) $-12.472 billion Nov. 14, 2017 Prior week week Long 200,023 181,335 Short 115,437 95,880 Net 84,586 85,455 POUND STERLING (Contracts of 62,500 pounds sterling) $0.373 billion Nov. 14, 2017 Prior week week Long 53,147 50,403 Short 57,680 59,601 Net -4,533 -9,198 SWISS FRANC (Contracts of 125,000 Swiss francs) $3.536 billion Nov. 14, 2017 Prior week week Long 19,470 19,568 Short 47,453 44,678 Net -27,983 -25,110 CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars) $-3.719 billion Nov. 14, 2017 Prior week week Long 70,473 75,460 Short 23,138 24,571 Net 47,335 50,889 AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars) $-3.359 billion Nov. 14, 2017 Prior week week Long 73,155 75,144 Short 29,123 29,707 Net 44,032 45,437 MEXICAN PESO (Contracts of 500,000 pesos) $-1.632 billion Nov. 14, 2017 Prior week week Long 92,961 88,731 Short 30,428 31,756 Net 62,533 56,975 NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars) $0.817 billion Nov. 14, 2017 Prior week week Long 18,146 18,943 Short 30,037 30,130 Net -11,891 -11,187 (Reporting by Dion Rabouin, editing by G Crosse)
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