Euro Near Eight-Month Low as Short Bets Surge Before ECB

The euro traded at almost its lowest level versus the dollar since November as investors held the largest position in two years betting on a drop in the currency before the European Central Bank meets this week.

The pound snapped five days of declines versus the euro before reports this week that economists forecast will show U.K. growth. India’s rupee strengthened as emerging-market currencies gained for the first time in eight days. ECB President Mario Draghi will loosen monetary policies further in fall and the euro could fall below $1.30, Mohamed El-Erian, former chief executive officer of Pacific Investment Management Co. and a Bloomberg View columnist, wrote today.