Mega-hedge fund Fortress Investment Group is betting that the dollar will shine for the rest of the year, changing course after being burned on an "optimistic" view of riskier assets.
Mike Novogratz, president of the $43.8 billion publicly traded New York-based hedge fund whose flagship $2.5 billion Fortress Macro Fund bets on the direction of currencies, U.S. Treasurys and equities, said he has made new bets to go long the dollar against the euro, U.K. pound and the Australian dollar. He said he believes the euro could hit the $1.25 to $1.30 range by the end of the year from its current $1.37 level, based on the euro zone's worsening debt crisis.
The money manager estimated that 90% of the market's attention is now spent dwelling on a resurgent euro-zone debt crisis, which looks worse by the day, driving nearly all new trades….
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