Funds fall for third month

Rumours circulating the market during August of intervention by the Bank of Japan (BoJ) caused some difficulty for fund managers, said Louis Grosjean, principal of Foreign Exchange Management. And when intervention was officially denied by the BoJ, the dollar/yen fell further. "This was to the detriment of some, who were convinced that the BoJ would intervene. Because systems cannot be influenced by rumours the fund profited for the short dollar/yen position."

Discretionary traders outperformed

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