USD/HKD (HKD=X)

Improbable bets on break of Hong Kong dollar peg adding up

SINGAPORE/HONG KONG (Reuters) -It's what is known in the markets as a "tail risk": a highly unlikely scenario in which Hong Kong's currency peg suddenly snaps. Billionaire money manager Bill Ackman went public last month with his wager that the days of the Hong Kong dollar's 39-year-old peg to the U.S. dollar are numbered. Ripples in the derivatives market imply he is not alone, as "macro" trading - or betting on big global shifts - swings back into vogue and the prospect of reaping a huge reward for relatively little risk revives a perennially unsuccessful trade.