Q3 hits earnings but Q4 sees pick-up

But 2004 still looks set to be a good year for FX desks, said David Puth, global head of currencies and commodities for JP Morgan Chase in London. "As we begin the fourth quarter, activity in the market has clearly increased," he said. "There has also been a more active focus on the relationships between currencies, commodities and interest rates, and uncertainty about the outcome of the election will mean there could be increased dollar volatility."

Just one of the five banks that disclose

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