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Someone who believes that one asset will outperform the other and do so to the extent of making a trade worthwhile.
Anyone convinced they have figured out the short-term relationship between the FTSE 100 and sterling and can make their trade accordingly, adapting their strategy in future as the facts change.
Day traders. Backing short-term hunches on the relative movements of the two best-known and widely quoted indicators relating to the UK financial markets offers the chance of profit for those able to move swiftly.