(Adds dollar, yen and yuan details)

By Kate Duguid

NEW YORK, May 10 (Reuters) – Speculators cut their net long bets on the U.S. dollar 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 $38.08 billion in the week ended May 7, down from $38.88 billion the prior week.

To be long a currency means traders believe it will rise in value, while being short points to a bearish bias. The speculative market has been long on the dollar since mid-June last year.

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