Hedge Funds Euro
Hedge Funds Boosting Bets Against Ailing Euro
Hedge funds have added pressure to the struggling European common currency, boosting bets that it will further decline in value against other currencies. The Euro has laid waste to many hedge funds' performance last year that bet on the currency's fall but were surprised as the Euro remained stubbornly strong through much of the European debt turmoil (although the Euro was still the worst performing major currency last year).
Hedge funds beefed up their bets against the euro to a record level in the last week of 2011, increasing pressure on the embattled European common currency as it enters the most testing year of its history.
Many hedge funds lost money betting against the euro for much of last year, as the currency remained unexpectedly strong despite the continent’s worsening financial crisis, according to a report in the Financial Times.
However, the euro suffered a poor November and December and ended the year as the worst performing major currency, sinking to a 10-year low against the yen and a one-year low versus the greenback. Source
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