Hedge funds reverse bets on Swiss franc 

Hedge funds turned bearish on the Swiss Franc just one week after boosting long bets, amid speculation the central bank is no longer supporting the currency with purchases and could even lower interest rates soon. Weekly positioning data from the CFTC show leveraged funds — a group of market players including hedge funds — became net sellers of the franc in the week ended February 6. It’s an abrupt change from the prior week, when the market was the most long it’s been since November. The repositioning comes as Swiss National Bank data released last week suggested the central bank was also pivoting to become a net seller. It said in December it would no longer only focus on currency purchases. The SNB’s purchases have been a key support for the currency, which rose to the highest since 2015 against both the dollar and the euro, putting downward pressure on consumer prices. But with inflation below the bank’s 2% ceiling and policymakers calling an end to their tightening cycle last ...