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The phrase "speculated against" is not commonly used in written English and may sound awkward.
It could be used in contexts where one is discussing speculation that opposes or contradicts something, but it is not a standard expression. Example: "The analysts speculated against the company's growth potential, citing various market challenges."
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Harold Wilson, a British prime minister, used to fulminate against the "gnomes of Zurich" who speculated against the pound.
As traders speculated against Iceland's currency, the krona, doubts about the banks mushroomed into a crisis of confidence in the state's ability to maintain the financial system.
However, the financier also warned it would be "inefficient and potentially dangerous" for Scotland to create its own currency, because currencies can be attacked and speculated against.
Tymoshenko maintained that members of the president's inner circle, including gas tycoon Dmytro Firtash, had speculated against the hryvnya; she also demanded the resignation of the head of the central bank, Volodymyr Stelmakh, on similar grounds.
Every hedge fund that speculated against a bank by purchasing credit-default swaps on its bonds signaled skepticism about the bank's creditworthiness and helped to make it more costly for the bank to borrow, and thus to issue loans.
Before converting her sterling pound proceeds into dollars, the customer service supervisor speculated against our greenback.
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Furthermore, speculating against thinly traded currencies is tricky.
They had spent years lending stocks to hedge funds so they could speculate against overvalued companies.
On the other hand, the big losers here are those who bought the insurance to speculate against the fortunes of two troubled companies.
"George Soros did not speculate against sterling while he was arguing for Britain to remain in the European Union," the spokesman told Reuters.
(Soros, of course, is famous for speculating against the pound in 1992, contributing to its exit from the EU exchange rate mechanism, the forerunner of the euro).
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com