Shorts In AUD Reach New Highs, Hedge Funds 'Join' Soros

The Australian dollar became hot and noticeable after rumors that George Soros was shorting the currency surfaced earlier this month. George Soros reportedly placed a $1 billion bet on the fall of AUD on May 6th. The bearish position from Soros, who is known for his big bets against currencies is not the only such incident. Stanley Druckenmiller is the other bear of AUD. He recommended the currency as a short idea in the Ira Sohn Conference. Australia relies greatly on exports to China and is has a currency heavily linked to commodities. Australia’s major industry is mining, with iron ore, copper, gold…