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FX Traders' $2.2 Trillion Dream Actually Closer to $456 Billion

Pedestrians walk past the New York Stock Exchange (NYSE) in New York, U.S., on Monday, June 12, 2017.
Photographer: Michael Nagle/Bloomberg

Dollar bulls may be disappointed if they’re pinning their hopes on Republican proposals that could clear the way for U.S. companies to repatriate profits stashed overseas, according to JPMorgan Chase & Co.

Of the $2.2 trillion the bank estimates is available for repatriation, the actual flow back into dollars may be around $456 billion, given that much of the money is either already in the U.S. currency or is otherwise hedged or held in illiquid assets, according to analysts Daniel Hui and Niall O’Connor.