A trader works, as Federal Reserve Chair Jerome Powell is seen delivering remarks on screens, on the floor of the New York Stock Exchange (NYSE) in New York City, U.S. May 4, 2022. REUTERS/Brendan McDermid

Register now for FREE unlimited access to Reuters.com

ORLANDO, Fla., May 9 (Reuters) – Hedge funds went on their heaviest dollar-buying binge this year ahead of the Federal Reserve’s May 4 interest rate hike, helping to propel the greenback to a fresh 20-year peak.

U.S. futures market data show that the $6.5 billion jump in the value of funds’ net long dollar position against a range of currencies in the week to May 3 was the biggest increase since November, and was led by buying against the euro and sterling.

Commodity Futures Trading Commission speculators flipped to a net short euro position for the first time since early January and grew their net short sterling position to the largest since October, 2019. Both currencies…

Read more…


Comments are closed.