20.05.2010 - Asia funds bet against the faltering euro as investors lose nerve
From Timesonline.co.uk: Several of Asia’s powerful national or “sovereign” wealth funds said that currency traders in Hong Kong had started to build sizeable “short” positions in the euro — betting that the currency has farther to fall and hedging against the losses that they would make if previous bets on the bonds of Greece, Portugal, Spain, Ireland and Italy turned sour. However, analysts said that a decision by Kokusai Asset Management could be a critical point for the euro. Within the past few weeks the Kokusai’s famous Global Sovereign Open fund, which is closely followed in the market, has twice reduced the amount of euro assets that it holds in favour of what it calls more “stable” investments such as Canadian dollars and Swedish kronor............................................Full Article: Source