“After hitting a 33-month low in late April, the dollar has bounced back with a vengeance. And that has led FX Concepts to drop its bearish stance on the currency. The firm is the world’s largest currency hedge fund manager, with almost $9 billion under management.
The dollar has gained 4 percent against the euro in the last two weeks alone. That has turned into a problem for FX Concepts, which has shorted the dollar, The Wall Street Journal reports.
The firm’s flagship Global Currency Program has dropped 5 percent so far this month, thanks partly to the dollar’s rebound. Until last week FX Concepts wasn’t worried about a long-term rally by the greenback, but now it’s starting to reconsider.”
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