US mutual funds slash short euro positions at record pace
Counterparty Radar: Pimco cut $4.6bn of EUR/USD puts in Q3 amid changing stance on dollar direction
US mutual fund and exchange-traded fund managers cut $7 billion of euro/US dollar FX options positions during the third quarter of 2025 – the largest drop in the currency pair since FX Markets began collecting data on US mutual funds in 2020.
A decline in short euro bets accounts for the lion’s share of a combined $7.9 billion fall in G10 currency FX options positions during the quarter.
The largest position shift was a $5 billion reduction in EUR/USD put options, which profit when the dollar
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