Currency
In-depth reporting on currency investing for our pension fund and asset management readers from IPE’s award-winning journalists.
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NewsBpfBouw doubles dollar hedge to mitigate Trump risk
The Dutch pension fund for the construction sector increases currency hedging after Trump-related market volatility challenged dollar safe-haven status
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NewsCompenswiss tenders up to CHF1bn per money market fund allocation
Swiss institutional investors launch manager searches across liquidity, US equity and global small-cap strategies
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Special ReportBitcoin, gold and the institutional reality check
Bitcoin’s long-term returns remain compelling, but rising correlation, extreme volatility and gold’s resurgence are forcing institutional investors to reassess its role
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Special ReportHow Europe can match the US in the tokenised economy
While the continent has led on regulation, US-issued and dollar-denominated stablecoins dominate the global market
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Special ReportOnce seen as radical, tokenisation heads into the mainstream
Converting real assets into a digital token on a blockchain is becoming more and more widely adopted
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NewsPGB defies trend with positive 2025 return – but only just
The Dutch multi-sector fund reaped the benefits of strong equity returns and a higher dollar hedge
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AnalysisMacro focus: the international role of the US dollar
The US dollar remains the world’s reference currency, but its dominance is declining
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FeaturesFixed income, rates, currencies: Joint US-Israel war on Iran sends oil price to 12-month high
Global markets had seemed relatively benign despite signs of impending instability – but the military strikes on Iran have upended any optimism
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Country ReportPensions in Switzerland report 2026: Swiss franc strength forces domestic pension funds to adopt costly hedging strategies
The Swiss franc is seen as a safe haven in times of trouble, but its strength causes problems for the country’s pension funds
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AnalysisMacro focus: debasement and fiscal dominance
The price of gold and other precious metals will continue to soar next year, as investors shift focus away from currencies
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Special ReportTrends to watch in 2026: As stocks defy gravity, bubble fever speculation grows
Stocks seemed to have defied gravity this year, but the latest Bank of America (BofA) Securities Global Fund Managers survey shows that a record 60% of money managers canvassed believe global equities, including the US, are overvalued.
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AnalysisFixed income, rates, currencies: Global economies slow despite increasing tariffs clarity
The global fixed income outlook remains mixed, with strong economic headwinds despite fading fears of the AI bubble bursting
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Asset Class ReportsEmerging market debt attracts the attention of institutional investors
Poised to benefit from US decline Reforms, prudent policymaking and the end of US exceptionalism have changed the nature of lending to emerging markets
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AnalysisFixed income, rates, currencies: US heads for soft-landing
The US economy is on course to avoid a recession, thanks to the Fed’s clever tactics, but the effects of tariffs have yet to feed through
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Asset Class ReportsEmerging market debt investor profile: PGIM Fixed Income
Tight spreads show the maturity of EMD. Cathy Hepworth at PGIM Fixed Income says EMD offers something for every investor
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FeaturesIPE Quest Expectations Indicator – August 2025
Trump’s attempts to undermine international trade and the US Federal Reserve are turning analysts against US assets, while good news out of Europe reinforce the case for appreciation of European assets
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FeaturesUS Dollar slide set to continue amid ongoing geopolitical turbulence
The US dollar (USD) index tumbled 10% in the first six months of the year, marking the worst performance since 1973 when Richard Nixon was the US president and the greenback broke its connection with gold.
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FeaturesFixed income, rates, currencies: Questions over US economic policy dominate global concerns
As ever, the US dominates the global economic landscape. While there is still considerable uncertainty around possible tariffs emanating from the US – despite deals struck by the UK, China and Vietnam – the levels are still expected to be markedly lower than those trumpeted on 2 April.
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AnalysisFixed income, rates, currencies: Questions over US economic policy dominate global investor concerns
The likelihood of a full-scale global trade war has decreased, and the outlook for the global economy has improved as a result, but new tariff announcements by the US administration could cause this scenario to change once more
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InterviewsPenSam CIO Claus Jørgensen on the fund's focus on low-risk, high-quality pensions
Claus Jørgensen, CIO at PenSam, talks to Carlo Svaluto Moreolo about the Danish pension fund’s efforts to maximise pension payouts
