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Big Short on Aussie Tells Loomis Time to Buy

From bloomberg.com

No currency has ever fallen afoul of investors as fast as the Aussie over the past two months. For Loomis Sayles & Co.’s Dan Fuss, that’s a buy signal. Fuss, whose Loomis Sayles Bond Fund beat 97 percent of peers in the past year with a 13 percent return, said he bought Australian dollar debt of a U.S. bank to benefit from higher yields and a positive exchange-rate outlook over three years. Traders swung to a record 63,277 net positions betting on declines on June 11, from net longs of 83,971 on April 2. That’s the biggest 10-week reversal on record for major currency contracts tracked by the Commodity Futures ... (full story)

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