Kaletsky:
"But what about currency markets, where seasonal imbalances between buyers and sellers make no obvious sense? Perhaps illiquidity and empty trading desks over the summer give investors an excuse to delay making big decisions and ignore disconcerting statistics or intensifying trends. Central bankers or other would-be manipulators can take advantage of this same phenomenon by intervening in the markets to stave off the evil day when devaluation becomes inevitable or an important stop is broken."
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