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US Dollar favorite currency of hedge fund managers, few of whom expect Greek sovereign debt crisis to destroy Euro - TrimTabs/BarclayHedge

Tuesday, March 09, 2010
Opalesque Industry Updates - TrimTabs Investment Research and BarclayHedge reported that the U.S. dollar is the favorite currency of hedge fund managers. Six in 10 managers cite the greenback as their preferred currency investment over the next three months, according to the February TrimTabs/BarclayHedge Currency Survey of Hedge Fund Managers.

“The debt crisis in Greece and the U.S. dollar rally have drawn the attention of market participants to currencies,” said Vincent Deluard, Global Equity Strategist at TrimTabs. “We think currencies will be a dominant investment theme throughout 2010.”

Nearly 26% of hedge fund managers expect a quick resolution to the Greek crisis, while 59% believe it will spread without endangering the Eurozone. Only 15% of managers believe it will lead to the destruction of the euro.

“The euro is one of the few successes of the European Union in the past 10 years,” noted Deluard. “France and Germany are likely to protect it if the problems in Greece spread to other Eurozone members.”

Nearly all managers expect the yield on the 10-year Treasury note to hold steady or rise significantly by year-end. Only 7% expect the yield to drop.

“Many hedge fund managers are worried about a bloodbath in the bond market, which is understandable because governments on both sides of the pond are selling huge amounts of debt,” Deluard explained.

The TrimTabs/BarclayHedge Currency Survey of Hedge Fund Managers summarizes the opinions of a wide range of hedge fund managers every month. Respondents have assets under management averaging $113 million and reaching as high as $3 billion.

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