euro 1999-2013) oNon-Commercial /Profit-seekers aCommercial/Liquidity-seekers Cs. 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 Soutar Daunts &M. lboomberg Feigned LIP Figure 2: Speculators had the correct EUR positions in 2 01 0-1 1 and a large JPY short in 2013 12 8 0 USD mm (1993-2013. except eu