Speculators bet big on the dollar vs. the euro

If there were any doubt that traders were dumping the euro amid the financial turmoil surrounding Greece, that doubt was erased by data released by the Commodity Futures Trading Commission (CFTC).

On Feb. 9, speculators held a record short position in euro futures on the International Monetary Market at CME Group, according to the Commitments of Traders report. The most recently reported position of -57,152 contracts compares to last week's then-record of -43,741.

The market apparently continues to be unconvinced that more-solvent European states will back the debts of their relatively strapped neighbors to the south. Country such as Greece and Portugal have been reeling for weeks, while the wealthier European nations debate a solution.

We'll have to wait to see for sure where Europe goes from here, but traders have an idea -- and are placing their bets accordingly.

comments powered by Disqus
Check out Futures Magazine - Polls on LockerDome on LockerDome