Lord Rothschild, an elder member of the dynastic Rothschild banking family, has taken the position against the euro through RIT Capital Partners, the 1.9 billion pound investment trust of which he is executive chairman, according to a report in the British newspaper The Daily Telegraph.

As cynicism that the single currency is on its last legs continues to spread among some euro zone politicians and the public, the influential financier has used the currency as a form of hedge.

RIT has taken a 7 percent net short position in July, in terms of principle currency exposures on the euro , up from a 3 percent net short position in January. “Given a net asset value of £1.836 billion at the end of July, the position is worth £128 million,” the newspaper reported.

The Telegraph quoted sources close to the banker as saying that that his current position against the euro is a realistic one given that the currency remains weak and not a “dogmatic, negative view” on the currency per se.

Thanos Vamvakidis, head of European G10 FX Strategy at Bank of America Merrill Lynch Global Research, told CNBC’s “Squawk Box Europe” that the euro was in a way a victim of systemic ills and uncertainty pervading the region’s economies.

Uncertainty over the future of the single currency is putting pressure on the European Central Bank (ECB) to act decisively when it next meets in September to address borrowing costs for Spain and Italy and loan-repayment terms for Greece, a country whose potential “Grexit” is a hot topic of debate.