Speculators have increased their bets against the euro to a record of 103,400 contracts adding an additional 48,000 contracts during the past three weeks that drove short positions to outnumber long by four to one.
“The market is extremely one-sided, which increases the odds of a round of short-covering,” Camilla Sutton at Scotia Capital told the Financial Times. “However, developments to date leave us unable to find a reason to buy the euro.”
During the last week, the euro fell 5 percent against the dollar, the single currency’s weakest performance since October 2008. (more)
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