NEW YORK (Reuters) - Currency speculators cut bets against the U.S. dollar in the latest week to the lowest since the week of September 4, according to data from the Commodity Futures Trading Commission released on Friday and Reuters calculations.
The value of the dollar’s net short position plunged to $708.072 million in the week ended October 30 from a net short position of $4.004 billion the week of October 23. Speculators last were long, or betting the U.S. dollar would rise, in the week of September 4.
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.
Reporting by Julie Haviv