- Business
- Childbirth & Education
- Legal Formalities
- Motoring
- Other
- Pensions & Benefits
- Property & Accommodation
- Taxes
- Airports and Airlines Spain
- Paramount Theme Park Murcia Spain
- Corvera International Airport Murcia Spain
- Join us for Tea on the Terrace
- When Expat Eyes Are Smiling
- Meet Wincham at The Homes, Gardens & Lifestyle Show, Calpe
- QROPS 2014
- Spain Increases IHT in Valencia & Murcia
- Removals to Spain v Exports from Spain
- The Charm of Seville
- Gibraltar Relations
- Retiro Park : Madrid
- Community Insurance in Spain
- Calendar Girls
- Considerations when Insuring your Boat in Spain
- QROPS – HMRC Introduces changes that create havoc in the market place
- QROPS – All Change From April 2012
- Liva & Laia : 15th November
Futures traders boosted bets that the euro will depreciate against the dollar to a record high as concern increased that Spain's banking crisis will worsen and Greece may exit the 17-nation currency union.
Hedge funds and other large speculators increased wagers on a euro drop for a fourth straight week in the five days ended May 29, Commodity Futures Trading Commission data showed today. The surge came during a week in which Greece's anti-bailout political party gained in the polls and as Spanish leaders debated how to recapitalize Bankia group.
"Positions are getting more extended," said Brian Kim, a currency strategist in Stamford, Connecticut, at Royal Bank of Scotland Group Plc. "It's not just because of the crisis, but also data getting weak and expectations that the ECB could ease in the second half of the year."
The difference in the number of wagers on a decline in the shared currency compared with those on a gain, known as net shorts, was 203,415, the most since the euro's inception in 1999. It was the third consecutive weekly record.
The euro rose 0.5% to $1.2427 at 4:47 p.m. in New York and fell as low as $1.2288, a level not seen since July 2010. It dropped to 95.60 yen, the lowest since November 2000.
Spanish 10-year bond yields surged to 6.7% May 30, a level last reached in November. The Bankia group, a Spanish lender nationalized last month, will seek €19 billion of government funds as it provisions against real-estate and non-property loans, according to a regulatory filing.