Reuters – Currency speculators, particularly large global macro hedge funds with big short positions in the Swiss franc, are staring massive losses in the face after the Swiss National Bank shocked markets on Thursday by removing a three-year-old cap on the currency.
The move sent the safe-haven franc soaring against the euro and the U.S. dollar at a time when more than $3.5 billion was positioned in favor of franc weakness, the largest such position in more than a year and a half.
