Shorting the euro is a trade that has become more crowded than ever. That doesn’t necessarily mean it’s wrong. Speculators, or traders who don’t have a commercial hedging interest, were net short the euro vs. the US dollar by a record high 116,000 contracts last week, according to the CFTC’s commitment reports of futures positions at the Chicago Mercantile Exchange, points out Ashraf Laidi, CEO of Intermarket Strategy in London. Typically when everybody and their grandmother has piled into a trade, it’s a good time to start thinking about moving in the other direction. And on Friday there were currency traders in ... (full story)