EFTA Document EFTA01451175

9 January 2014 EX Blueprint Thin end of the wedge Theme In: Trend no bitter end In 2007 we replicated a RBA study that claimed non- commercial "profit seekers" made money on their IMM positions at the expense of commercial "liquidity seekers". 3 The striking conclusion is that currency speculators generally know the correct direction of 05 currencies and investors can profit from knowing their positions (although these signals are less useful in practice since IMM data is lagged three d