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Betting against the Sterling is back in vogue as speculation reaches record levels after the UK general elections.
Positioning data from the Chicago Mercantile Exchange, often used as a proxy for hedge fund activity, showed that speculators had extended their bets against sterling from 72,188 contracts to 76,745 contracts, equivalent to $6.9bn, in the week ending May 18.
The ratio of shorts to longs is now nine-to-one. Not sure if Soros is playing that game now, it looks more like his apprentices trying to imitate the grand master.
The kids won't break the Bank of England this time round, but they might well make substantial gains, Uk and Europe are broke...
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