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Hedge funds are reloading their short dollar bets – with a few new twists – ahead of US Federal Reserve chairman Jerome Powell’s highly anticipated keynote speech at the central bank’s annual Jackson Hole conference on Friday, August 22.
Garth Appelt, head of derivatives, FX and emerging markets macro trading at Mizuho Americas, says the bank is seeing renewed interest from hedge funds in euro/US dollar call options with far out-of-the-money strikes, which he describes as “lottery ticket”
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