All Currency articles – Page 12
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Special Report
Currency: The future of the renminbi
Routes other than ‘dim sum’ bonds might make more sense for exposure to China’s currency over the short term, suggests Hayden Briscoe
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Special Report
Currency: A game of relativity
The Swiss National Bank’s most recent intervention brought blessed relief to Switzerland’s pension funds. Emma Cusworth assesses the trade-off between capitulation to haven hunters and rising inflation
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Special Report
Currency: The real thing?
Using emerging market currencies to exploit the ‘Balassa-Samuelson’ hypothesis is a seductive idea, writes Martin Steward. But it might not work in a new world of ‘inflation tolerance’
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Special Report
Currency: Coming together in a crisis
Far from prising the euro-zone apart, Frank Velling argues that current traumas will bind members closer together
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Special Report
Currency: Keep an eye on your weighting
The Big Mac index tells you nothing about your need to diet, but might help to value currencies. Matthew Craig looks at the more technical version, ‘PPP’
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Special Report
Currency: Steering for safety
Has the financial crisis changed investor perceptions about safe havens? Christine Senior looks at the question in the FX context
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Special ReportCurrency: Common currency
Portfolio engineering with FX exposures would be much simpler if we could identify its beta. Martin Steward looks at the range of candidates
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NewsSynthetic inflation options 80% cheaper than caps, says Pimco's Worah
GLOBAL – Replicating optionality on inflation using the US dollar swaps market in recent years would have incurred one-fifth of the cost of buying inflation caps, according to research by PIMCO.
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Special Report
Sound FX
It is not certain whether the currency risk of an equity portfolio can be hedged effectively. Martin Steward assesses this and pension funds’ changing approaches to currency risk
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Special Report
Use some discretion
In a volatile environment, systematic quantitative styles of currency management struggle to find their footing. Fundamentals-based strategies provide the best alpha-generation and preservation opportunities, argues Mark Farrington
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Special Report
Gold: currency of last resort?
It has been years since the world abandoned the gold standard, but now, for many institutional investors, allocating to gold has become about currency and inflation hedging, writes Maha Khan Phillips
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Special Report
Carried away
Market volatility and central bankers racing each other to zero have beaten up the carry trade. Does this make the case for a diversified exposure to currency absolute return strategies? Martin Steward reports
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Features
Funds are waking up to MMFs
In 1997 the US money market fund (MMF) sector had assets under management of $1trn (e770bn), compared with $7bn in Europe. By 2004 the US sector exceeded $2trn, while European funds were valued at $205bn. “I think there is scope for the European industry to go to $2trn as well”, ...
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Asset Class Reports
Those twin deficits
So the US has the same president for the next four years, and it seems to be a case of ‘better the devil you know’, as far as bond and currency market participants are concerned. For Bruno Crastes, head of global fixed income at Credit Agricole Asset Management (CAAM), bond ...
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Features
In the shadow of cash
For institutional investors, seeing significant amounts of cash among their assets can be irritating even if their guidelines allow fund managers to have up to 5% in cash. In general, they would naturally prefer to be fully invested in the asset class that they have designated the investment to be ...
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Features
Tapping into currency alpha
In years gone by, whenever we raised the subject of currency management with a group of pension plan trustees, it often evoked a very emotional response. The general feeling was that active currency management is a form of speculation that should not be permitted by pension plan trustees that have ...
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Features
Blind dates for euro party players
France will. Spain and Portugal would love to. And the UK can’t decide. Jason Crosland reports on the arduous process in preparing to meet the monetary and fiscal demands of the euro
