Traders’ perceptions of market timing

Background: In speculating and hedging in the FX markets, investors are not only faced with the challenge of examining the underlying conditions they perceive to be at play in a national or global economy, but also that of comprehending the market’s response to the release of economic data, which can often be, as economist John Maynard Keynes’ likens it, a kind of newspaper beauty pageant in which "each competitor has to pick, not those faces he himself finds prettiest, but those which he thinks