Hedge Funds Euro Investigation
Justice Dept. Investigating Hedge Funds Euro Trading
The investigation is likely to determine if the hedge funds coordinated their bets that the euro would fall. However, proving such cases is hard because investigators must show the hedge funds intentionally sought to act together, the newspaper said.
The euro has steadily declined in recent months because of the debt troubles among the 16 countries that use the currency, including Greece and Spain. Its value recently hit nine-month lows compared against the dollar and has dropped 10 percent over the past three months.
The euro rose slightly against the dollar on Wedenesday, hitting $1.3634 in early trading.
The Journal said some of the hedge funds were betting the euro would fall to parity with the dollar, which would mean another 27 percent drop in its value. Source
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