By: Don Curren
Things just keep looking worse for the euro.
Investors increased their bets against the currency to a new record level, according to data released Friday, as the euro weakens sharply in response to market concerns about the longer-term implications of the massive euro zone rescue plan.
Net speculative bets–called shorts–against the euro increased to $18 billion in the week ended Tuesday, according to an analysis by Scotia Bank of the weekly Commitments of Traders report released by the Commodity Futures Trading Commission late Friday afternoon. The net short position against the British pound did not change significantly.
The data represent only a small slice of the foreign-exchange market and reflect positions taken by the most active speculative investors. The report does, however, give a sense of market sentiment toward the euro based on the direction and volume of bets.
Read more at wsj.com/marketbeat…..