Hedge Funds Turn Most Bearish on Euro Since January Ahead of ECB
- Traders bet against currency in turnaround from long positions
- Change comes as ECB seen pausing hikes on souring outlook
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Hedge funds have turned the most negative on the euro since the start of the year ahead of a watershed European Central Bank decision this week that could see policymakers break their cycle of interest-rate hikes.
Speculative traders held a net short position of 6,421 contracts last week, a turnaround from the previous week when they were net long, according to the latest data by the Commodity Futures Trading Commission. Longer-term asset managers also trimmed their net long positions.