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Well Goldies and State Street see a lot of customer flow from real money (i.e. pension fund / mutual fund etc) and hedge fund clients, so in those cases, the trading is indeed longer term.
But any shop that sees decent business (and State Street in particular have a very large customer base on account of their global custody business) will have a spot desk that will trade around their order book. If you have an order to buy EUR 300 Mio at say 1.2060, you're not just gonna sit on the bid at that level and fill the customer when you get some Euros. You're gonna be buying ahead, selling a few out 40 points higher, buying them back etc.
And that sort of intraday action is more than enough for the day traders on this forum to get their piece of the action as well. And dont forget someone has to be there to take the other side of these trades. If it was just the longer term accounts you're talking about, there wouldn't be much of a market to speak of, as most fund managers are sheep, and tend to be putting on pretty much the same trades at roughly the same time.
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