Non-bank players take the lead

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Tim O'Sullivan, head trader at New York-based retail trading firm Gain Capital, top of the year-to-date index for three-month views, put this down to the way bank analysts look at currencies. "Analysts tend to have a purely economic view of currencies when it comes to forecasting. Traders tend to be more on the pulse of the market, seeing daily flows from many different sources. This allows for a broader view of what is affecting markets."

The superior performance of the non-bank players can be