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JPMorgan: The decline of the dollar and U.S. stocks is driven by speculators, not for hedging purposes.
JPMorgan stated that the recent pullback in the USA stock market and the dollar is likely caused by speculative investors, such as hedge funds, taking short positions on both USA stocks and the dollar simultaneously. Strategists, including Nikolaos Panigirtzoglou, wrote in a report that there is little evidence showing that actively managed Overseas stock fund managers have increased their hedging against a weaker dollar. The report mentions signs of a shift from unhedged USA stock exchange-traded funds (ETFs) in regions outside the USA.
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