Funds Bearish on Aussie have been on Global Recession Bet since March.
Since March, fund managers have been more bearish on Australia s dollar because of the deeperening of the recession fears by Bloomberg.
According to the data from the Commodity Futures Trading Commission, hedge funds and their traditional asset manager peers ratcheted up short positions on the risk-sensitive currency to 61,405 contracts. They have held short bets on the Aussie for 15 consecutive weeks, helping to drive the currency's 4.6% loss this year.
A global economic slowdown, the Fed still on hiking mode and heightened geopolitical tensions - Ukraine and now Taiwan -- is not an environment for the Aussie to perform, even with domestic economic performance and RBA hiking, said Rodrigo Catril, strategist at National Australia Bank Ltd. in Sydney.
The currency was trading at 0.3% higher at 69.28 US cents at 1: 43 p.m. in Sydney.
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