NEW YORK, Nov 22 (Reuters) - Currency speculators raised their bets in favor of the U.S. dollar to the highest in more than two months in the latest week, according to data from the Commodity Futures Trading Commission released on Friday. The value of the dollar's net long position rose to $17.10 billion in the week ended Nov. 19, the largest since the week ended Sept. 10. Long dollar bets stood at $14.46 billion the previous week. Speculators sharply reduced bets in favor of the euro to 8,911 contracts from 16,826 contracts a week earlier. Short positions in the euro grew to 112,216 contracts from 95,107. To be short a currency is to bet it will decline in value, while being long is a view its value will rise. The Reuters calculation for the aggregate U.S. dollar position is derived from net positions of International Monetary Market speculators in the yen, euro, British pound, Swiss franc, Canadian and Australian dollars.