UPDATE 1-Speculators boost bullish U.S. dollar bets to January 2016 high

(Adds details on dollar positioning, comment, table) NEW YORK, Nov 9 (Reuters) - Speculators' net long bets on the U.S. dollar rose to their highest level since January 2016 in the latest week, according to calculations by Reuters and Commodity Futures Trading Commission data released on Friday. The value of the net long dollar position was $28.66 billion in the week ended Nov. 6, up from $26.74 billion the previous week. Speculators were net long on dollars for the 21st straight week, after being short for 48 consecutive weeks. To be long on a currency means traders believe it will rise in value, while being short points to a bearish bias. U.S. dollar positioning was derived from net contracts 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 long position valued at $29.951 billion, compared with a net long position valued at $28.25 billion a week earlier. The U.S. dollar rose toward a 16-month high against the euro on Friday as falling equity prices spurred a flight to quality and the Federal Reserve reaffirmed its monetary tightening stance, citing the strong U.S. economy. The greenback had fallen broadly earlier this week after midterm elections split power in the U.S. Congress, giving Democrats greater ability to check any major initiatives from President Donald Trump. Investors worried that the outcome would make further fiscal stimulus measures unlikely. But the currency bounced back, and on Friday returned to outperforming most major currencies, underpinned by the robust U.S. economy and rising interest rates. Analysts, however, warned that dollar bulls could run into trouble in the longer term. "The political divide looms as a potential threat to the Presidents pro-growth agenda, clouding the dollars longer run prospects," Joe Manimbo, senior market analysts at Western Union Business Solutions said in a note to clients. Meanwhile, speculators boosted their net short position on bitcoin Cboe future contracts to 1,221 contracts, up from a net short position of 1,077 contracts, the data showed. Bitcoin was down 1 percent at $6,324.99 on the Bitstamp platform on Friday, after slipping to a one-week low of $6,309 earlier in the session.

Japanese Yen (Contracts of 12,500,000 yen) $9.822 billion

06 Nov 2018 Prior week

week

Long 33,060 28,854 Short 122,182 120,474 Net -89,122 -91,620

EURO (Contracts of 125,000 euros) $6.69 billion

06 Nov 2018 Prior week

week

Long 148,973 157,691 Short 195,816 190,353 Net -46,843 -32,662

POUND STERLING (Contracts of 62,500 pounds sterling) $4.649 billion

06 Nov 2018 Prior week

week

Long 31,670 35,778 Short 88,469 88,260 Net -56,799 -52,482

SWISS FRANC (Contracts of 125,000 Swiss francs) $2.488 billion

06 Nov 2018 Prior week

week

Long 16,747 18,851 Short 36,695 33,373 Net -19,948 -14,522

CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars) $0.201 billion

06 Nov 2018 Prior week

week

Long 33,753 29,436 Short 36,385 39,091 Net -2,632 -9,655

AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars) $4.815 billion

06 Nov 2018 Prior week

week

Long 20,825 22,379 Short 87,270 92,791 Net -66,445 -70,412

MEXICAN PESO (Contracts of 500,000 pesos) $-0.178 billion

06 Nov 2018 Prior week

week

Long 67,588 93,644 Short 60,552 59,835 Net 7,036 33,809

NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars) $1.733 billion

06 Nov 2018 Prior week

week

Long 10,434 8,956 Short 36,160 43,987 Net -25,726 -35,031

(Reporting by Saqib Iqbal Ahmed; Editing by Sandra Maler and Tom Brown)