Markets are more bearish about the euro than ever before — with more investors shorting the single currency than at any time since it was introduced in 1999.
That’s according to Rabobank’s latest FX market positioning report, with data from the last week of March. Though the euro has bounced back from below $US1.05 about a month ago, it’s still about 30 US cents lower than at this time last year — and it looks like markets expect it to plunge further.
Here’s how that looks:
Sentiment towards the euro remains overwhelmingly bearish with EUR shorts surging to 227,000 – a record high since 1999. The full-scale QE announced by the ECB earlier this year continues to weigh on the euro, especially against the US dollar.
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