Currencies
Hedge Funds Pile Into Mexican Peso, Fueling World’s Best Rally
- Hedge funds added to peso longs by the most in three weeks
- Currency leads EM gains Monday as global tensions ease
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Hedge funds continue to boost bullish bets on the Mexican peso, strengthening its position as the best major currency in the world and keeping it on track to reach fresh highs.
Derivatives data from the Commodity Futures Trading Commission show leveraged funds are the main force behind the peso’s strength, increasing holdings to 57,711 on the week through April 9 — the highest since March 2023. It was the biggest move in three weeks, and almost double the one seen the prior period.