Euro Falls to 17 Month Low as Traders Turn Bearish

Demand for options to hedge against a euro drop surged as the currency hit its lowest level in seventeen months. European assets fell sharply amid rising bond yields.

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Packs of 20-euro notes are seen at the Bank of Portugal fortified complex in Carregado, Alenquer, Portugal, May 17, 2022. Picture taken May 17, 2022. REUTERS/Pedro Nunes

Traders turned most bearish on the EUR/USD since March on Thursday afternoon, driving the currency down 1% to $1.1242, its lowest level in 17 months.

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