Hedge funds and currency traders have reversed their bets against the euro amid hopes that European leaders will resolve the region’s debt crisis.
Figures from the Chicago Mercantile Exchange, often used as a proxy for hedge fund activity, show that investors bought $8bn worth of euros in the seven days to January 18, a weekly record.
This meant that speculative positions switched from a $7.4bn bet that the euro would fall against the dollar, the biggest “short” position since July, to a $688m bet that the single currency would rise. The figures capture a small part of trading in the global foreign exchange market.
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