David Tepper takes short position against the euro

David Tepper, founder of Appaloosa Management
Adam Jeffery | CNBC
David Tepper, founder of Appaloosa Management

Hedge fund titan David Tepper is dipping his toes into the currency waters.

The head of Appaloosa Management, said he's taking a position against the euro, a move that comes amid shifting sands in the global forex market.

Speaking at the Robin Hood Investors Conference in New York, the billionaire head of the $20 billion firm said he anticipates the European Central Bank loosening policy ahead as the region seeks to stave off yet another recession.

The euro has fallen 7.5 percent against the U.S. dollar this year.

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Tepper's revelation came during a discussion about quantitative easing. The Federal Reserve has used a monthly bond-buying program to grow its balance sheet past $4.5 trillion and help provide liquidity to financial markets. In the process, the money-printing has tamped down the value of the U.S. dollar, which has been rising as the central bank has begun moving away from QE.

The European Central Bank is expected to amp up its own efforts, leading to widespread belief that the euro will continue to weaken.

The conference, which is closed to the press, features top investment managers and raises money for Robin Hood, a hedge fund-heavy charity that fights poverty in the New York metropolitan area.

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