Hedge Funds Turn Bullish on Russia Ruble for First Time in 2016
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Hedge funds turned bullish on the Russian ruble for the first time in five weeks after the currency tumbled to a record, surpassing the previous all-time low it touched during the financial turmoil that gripped Russian markets in December 2014.
Hedge funds and large speculators were net long 651 futures contracts on the currency in the week ended Jan. 19, according to U.S. Commodity Futures Trading Commission data published Friday in New York. That compares with net short positions of 657 contracts in the prior five trading days. Speculators turned bullish on the ruble as the currency tumbled with oil this month in one of the biggest retreats in emerging markets.