David Tepper takes short position against the euro

David Tepper, founder of Appaloosa Management
Adam Jeffery | CNBC

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.

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