According to the FT, traders have accumlulated the largest short position against the currency in its existenence, with positions totaling near $8 billion.
The build-up in net short positions represents more than 40,000 contracts traded against the euro, equivalent to $7.6bn. It suggests investors are losing confidence in the single currency’s ability to withstand any contagion from Greece’s budget problems to other European countries.
In a seperate article, Bloomber remarks of the Euro “January” Effect. In 7 of the 11 years since the Euro was established, the Euro reached its highest or lowest levels of the year against the dollar in January. The high for the year may have already been established on Jan 13 at $1.4579
source:Bloomberg
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