NEW YORK, Nov 30 (Reuters) - Speculators' net long bets on the U.S. dollar rose in the latest week to the largest position since December 2016, according to calculations by Reuters and Commodity Futures Trading Commission data released on Friday.
The value of the net long dollar position was $29.53 billion in the week ended Nov. 27, up from $28.49 billion the previous week. Speculators were net long on dollars for the 24th straight week, after being short for twice as long.
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.
Speculators cut their net short position on bitcoin Cboe future contracts to a record low of 979 contracts, down from a net short position of 1,199 contracts, the data showed. (Reporting by Saqib Iqbal Ahmed Editing by Leslie Adler)