UPDATE 1-Speculators' net long dollar bets at highest since Dec. 2016 -CFTC, Reuters

Reuters@ (Adds details, comments, byline) 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. 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 $30.11 billion, compared with a net long position valued at $28.98 billion a week earlier. The dollar rose on Friday as investors prepared for the outcome of trade talks between the United States and China at the G20 meeting on Saturday, which investors expect will increase volatility across markets. "If we see a sign that leaders are singing 'Kumbaya,' then we are going to have a rotation into emerging markets, the Chinese yuan, commodity-linked currencies, particularly the Aussie, that would begin eroding the U.S. dollar advantage, particularly in the fixed income space," said Karl Schamotta, chief market strategist at Cambridge Global Payments in Toronto. U.S. President Donald Trump said on Friday there were some good signs ahead of the meeting with Chinese President Xi Jinping. The dollar index, which measures the greenback against a basket of six major currencies, was up 0.5 percent. For the week, the index was up 0.3 percent, its second straight week of gains, and is close to the highest it has been since June 2017. The week's gains came despite a sharp slide on Wednesday after Federal Reserve Chairman Jerome Powell said U.S. interest rates were just below neutral, a remark many investors took as a tip that the rate hike cycle was nearing its end. "This week's comments from Powell, in particular, certainly point to a more cautious outlook, more skepticism on the path of rate hikes through 2019," said Schamotta. "What it all adds up to is that likely next week you are going to see a drop in that long position and sort of a beginning of a rotation into other global assets," he said. Meanwhile, 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. Bitcoin fell as much as 7 percent on Friday, heading toward a recent one-year low in a broad-based sell-off in cryptocurrencies.

Japanese Yen (Contracts of 12,500,000 yen) $11.462 billion

27 Nov 2018 Prior week

week

Long 35,817 33,462 Short 140,141 133,527 Net -104,324 -100,065

EURO (Contracts of 125,000 euros) $7.771 billion

27 Nov 2018 Prior week

week

Long 149,719 157,633 Short 204,790 204,862 Net -55,071 -47,229

POUND STERLING (Contracts of 62,500 pounds sterling) $3.119 billion

27 Nov 2018 Prior week

week

Long 37,930 37,710 Short 77,080 81,188 Net -39,150 -43,478

SWISS FRANC (Contracts of 125,000 Swiss francs) $2.637 billion

27 Nov 2018 Prior week

week

Long 16,871 17,418 Short 37,939 37,043 Net -21,068 -19,625

CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars) $0.649 billion

27 Nov 2018 Prior week

week

Long 41,427 39,059 Short 50,057 45,348 Net -8,630 -6,289

AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars) $3.893 billion

27 Nov 2018 Prior week

week

Long 12,168 15,968 Short 66,071 75,148 Net -53,903 -59,180

MEXICAN PESO (Contracts of 500,000 pesos) $-0.374 billion

27 Nov 2018 Prior week

week

Long 77,867 72,611 Short 62,540 58,528 Net 15,327 14,083

NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars) $1.394 billion

27 Nov 2018 Prior week

week

Long 16,373 15,489 Short 36,913 34,836 Net -20,540 -19,347

(Reporting by Saqib Iqbal Ahmed Editing by Leslie Adler and Jonathan Oatis)