JPMorgan Chase said that the recent pullback in the U.S. stock market and the U.S. dollar is highly likely to be caused by speculative investors such as hedge funds simultaneously taking short positions on U.S. stocks and the U.S. dollar. Strategists including Nicolaus Panigirtzoglou wrote in a report that there is little evidence to suggest that active equity fund managers outside the U.S. have increased their hedging against a weaker U.S. dollar.