NEW YORK (Reuters) – Global currency fund managers racked up gains in the first quarter as they benefited from the extreme volatility that the coronavirus pandemic has stoked across financial markets.
FILE PHOTO: A U.S. Dollar note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration/File Photo
The BarclayHedge currency traders index was up 6.13% for the first three months of the year and posted a 2.54% gain for March, according to data the firm posted on Friday, showing results for 42% of the funds it tracks.
By contrast, the S&P 500 fell 20% in the first quarter in its worst quarterly decline since March 2009, while U.S. crude oil lost 66%.
Driving the gains in currency funds has been a surge in the market swings that traders need to make money, as expectations of the worldwide coronavirus-fueled slowdown prompted investors to move out of a broad range of currencies and into the U.S. dollar.
The first quarter followed a long period of sleepy…