(JPY, CAD) have emerged. Daniel Brehon, New Yor; 3 See Kearns and Manners (2004), "The profitability of Speculators in Currency Futures Markets-. Reserve Bank of Australia: and Bilal Hafeez 120071, "Currency Markets: Is Money Leh On the Table?" 4 Keynes. M. 11930). ilise on Money". London: Macmillan, 5 We calculate

emerged. Daniel Mellon, Now Yor; +7 (2721250 7639 3 See Kearns and Manners 120041 "The profitability of Speculators in Currency Futures Markets-. Reserve Bank of Australia, and Biel Kafeez (2007), "Currency Markets: Is Money Left On the Table?" ' Keynes, J.M. (1930). "Treatise on Money London: Macmillan, We calculat