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Largest Net Short Euro Position Since 2007 -
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Largest Net Short Euro Position Since 2007 -

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Largest Net Short Euro Position Since 2007 -

Traders betting that the euro zone's sovereign debt troubles will continue piled up a net $22.7 billion in wagers that the beleaguered euro will decline as of Jan. 3, government data showed Friday.

That position represents the largest net gamble against the euro since at least 2007, with speculators holding a net 138,909 contracts, up 8% from the week before, according to the Commodity Futures Trading Commission's weekly report on the commitments of traders.

The market positioning shows that currency traders are wary of European political leaders' ability to address the fiscal crisis that has the euro zone lurching toward recession.

As traders bet against the euro, they also pulled their optimistic bets away from the dollar. The market held a net $15.5 billion position wagering that the dollar will appreciate, down 23% from the previous week.

Where much of that money has gone is into the yen: speculators are betting a net $9.2 billion on a rise in the Japanese currency. That is a 154% increase from the previous week, or 56,481 contracts. That position represents the flip side of the market's desire to bet against the euro.

For the Swiss franc, investors held a net $1.7 billion in bets that it will decline in value, up 15% from the prior week, or 12,355 contracts.

Traders were more optimistic about both the Australian and New Zealand dollars this week, upping their optimistic bets by 46% for Australia and 77% for New Zealand. Speculators hold $4.8 billion in net bets in favor of the Australian dollar, making it the third-largest net position held against the dollar, after the euro and the yen.

But traders continue to think the Canadian dollar will fall, increasing their net wagers against it by 8%, to $2.3 billion. The British pound saw the same pattern, with bets against it totalling a net $3.1 billion, up 9%.

The CFTC's weekly report shows speculative investors' positions in major currencies held against the dollar. It viewed the markets as of Tuesday.

eFXnews : Speculators Build Largest Net Short Euro Position Since 2007 - CFTC

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