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Hedge fund bets against euro hit record

Europe’s common currency is expected to stay under pressure as data indicated a new record amount of hedge fund bets against the euro, which fell to a near two-year low against the US dollar last week.

Mounting concerns over Spain’s fiscal and economic health, coupled with fears that Greece could exit the eurozone, have ended the euro’s surprising resilience for much of the continent’s sovereign debt crisis, with the currency shedding 6.6 per cent against the US dollar in May, the most in eight months.

Although the euro edged up against the US dollar for a second day on Monday – largely thanks to dismal US jobs figures late last week – funds have piled on more bets against the currency, according to data from the Commodity Futures Trading Commission in the US, released late on Friday.

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