According to online reports, JPMorgan Chase said that the recent correction in the U.S. stock market and the U.S. dollar is most likely caused by speculative investors such as hedge funds taking short positions in U.S. stocks and the U.S. dollar at the same time. Strategists including Nikolaus Panigirzoglu wrote in a report that there is little evidence that actively managed equity fund managers outside the United States have stepped up their hedging against a weaker dollar.