Speculators pare bearish bets on US dollar

New York

SPECULATORS trimmed their bearish bets on the US dollar last week to the smallest position in more than a month, but retained a significantly negative bias against the greenback, according to calculations by Reuters and Commodity Futures Trading Commission data released on Friday.

The value of the US dollar's net short position, derived from net positions of International Monetary Market speculators in the yen, euro, British pound, Swiss franc and Canadian and Australian dollars, was US$12.65 billion, in the week to Oct 17.