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August Euro Rally Catches Currency Funds by Surprise

WSJ – Investors were unprepared for the euro’s dramatic rebound in the month of August, hurting performance at currency-focused hedge funds.

A widely watched index of currency funds fell 0.85% in August from the previous month, as investors holding bets that the euro would continue to decline against the dollar were hit by the common currency’s 2.23% gain during the month. The Parker Global Currency Managers Index, which tracks the performance of funds in which the firm invests, declined 2.43% in August from a year earlier.

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