Futures Traders Piling In To Crush The Euro, Becoming More Bearish Than Ever

Euro Toilet Paper

Traders are aggressively ramping up bets against the euro, despite having been bullish on the currency vs. the dollar just back in December.

According to Bloomberg, futures traders are ‘more bearish than ever’ and analysts are cutting their euro forecasts at the fastest rate since the end of 2008.

Bloomberg:

Short-term rates for borrowing in euros in the forwards market are the cheapest relative to loans in dollars since September.

Futures traders increased bets against the euro to a record this month. Hedge funds and other large speculators had 59,422 more wagers that the euro would decline than bets on a gain. As recently as the first week in December, traders were bullish on the euro, as they had been for the previous 30 weeks.

Suffice to say that sentiment looks pretty bad for the euro vs. the dollar from a wide variety of angles, if not all of them.

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