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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Hedge funds pile up bearish bets on euro: report AFP - Saturday, February 27 Send IM Story Print Bundled euro banknotes. A group of hedge funds have launched big bearish bets against the euro, with some speculating the single European unit will fall to parity with the dollar, the Wall Street Journal reported Friday. WASHINGTON (AFP) - – Several hedge funds have placed big bearish bets against the euro, with some speculating the single European unit will fall to parity with the dollar, the Wall Street Journal reported Friday. The euro, which traded at 1.51 dollars in December, was hovering at 1.3596 dollars in early London trade Friday with sentiment for it recently dampened largely by the debt crisis centering around Greece. The Journal said the large bets against the euro emerged following an exclusive "idea dinner" earlier this month that included hedge-fund titans SAC Capital Advisors LP and Soros Fund Management LLC. During the dinner, hosted by a boutique investment bank at a private townhouse in Manhattan, a small group of all-star hedge fund managers argued that the euro is likely to fall to equal on an exchange basis with the dollar, the newspaper quoted people close to the situation as saying. The paper said the elite traders' bearish bets, reminiscent of the trading action at the height of the US financial crisis, had added to the selling pressure on the currency, and to the pressure on the European Union to stem the Greek debt crisis. The US crisis, which shook the foundation of the financial industry and plunged the world's largest economy into its worst recession in decades, hit peak levels in late 2008 with the collapse of giant investment bank Lehman Brothers. At that time major hedge fund managers, such as Greenlight Capital chief David Einhorn, who also was at this month's euro-dominated dinner, determined that the fortunes of Lehman and other firms were dim and bet heavily against their securities, accelerating their fall, the Journal said. "This is an opportunity... to make a lot of money," the Journal quoted Hans Hufschmid, a former senior Salomon Brothers executive who now runs GlobeOp Financial Services SA, as saying. GlobeOp is a hedge fund administrator in London and New York. An SAC manager, Aaron Cowen, who pitched the group on the bearish bet, said he viewed all possible outcomes relating to the Greek debt crisis as negative for the euro, people familiar with the matter said, according to the Journal. SAC's trading position on the euro is unclear. George Soros, head of his 27 billion dollar asset fund, warned last weekend that if the EU did not fix its finances, "the euro may fall apart." Recommend Send IM Story Print News Search Top Stories Bigger Afghan operation yet to come: US Hedge funds pile up bearish bets on euro: report US economy surged 5.9 percent in fourth quarter US insurer suffers $8.9 bln fourth quarter loss British economic growth data revised upwards More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Florida killer whale to stay in park after deadly attack China may be hiding US Treasury bonds: experts 'Zombies' have free speech rights too, US court rules BBC to slash website, cut radio and imports Date-rape drugs, illegal online pharmacies on rise More Most Viewed » Third-hand smoke also bad for you: study DNA reveals some mystery on King Tut, raises questions Pitt, Jolie sue British paper over split claims Sugary soft drinks linked to pancreatic cancer: study Scientists recreate Big Bang heat of 4 tln degrees C More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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