Hedge Funds Most Bearish on Pound Since ‘13 Before Brexit: Chart

Hedge funds and other large speculators are betting on sterling futures weakness by the most since June 2013, a report from the Commodity Futures Trading Commission showed. Concern about the U.K.’s future and the sustainability of Europe’s political union led the British currency to weaken more than 3 percent against the dollar this year, the worst-performing major currency after the Mexican peso. The pound tumbled the most in almost four months on June 10 after the latest poll showed the campaign for Britain to leave the European Union took a 10 percentage-point lead less than two weeks before the June 23 referendum.

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