[JPMorgan: The decline of the dollar and U.S. stock market is driven by speculators, not for hedging purposes] Golden Finance reports that JPMorgan stated the recent pullback in the U.S. stock market and the dollar is very likely caused by speculative investors, such as hedge funds, taking short positions on both U.S. stocks and the dollar simultaneously. Strategists, including Nikolaus Panigirtzoglou, wrote in a report that there is almost no evidence that actively managed equity fund managers outside the U.S. have increased their hedging against a weaker dollar.