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…