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When can trading by speculators have an adverse impact on the exchange rate? a

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When can trading by speculators have an adverse impact on the exchange rate?

a.When speculators are uninformed.

b.When speculators buy a currency when it is low and sell a currency when it is high.

c.When speculators are risk neutral.

d.When speculators buy a currency when it is high and sell a currency when it is low