Foreign Exchange – ‘It all comes out in the wash’

This is our Nemesis.  Our Voldemort.  We hear it every so often, and it really makes the blood boil! The question is what comes out ‘in the wash’?  We suspect that when people use this line they mean that foreign exchange rates will, over time, be as...

Foreign Exchange – Fixing becomes unpopular, at last!

Article from today’s WSJ on the use of the 4pm WMR fix.  It seems that users are at last recognising that a fix might be just that…at long last.   Trading volumes at the 4 p.m. WM/Reuters fix “are dropping like a stone,” said one participant at...

Currency Manager Performance – 2013

Some thoughts from us on FX returns from active management in 2013.  Essentially we’ve used the New Change Global Currency Index to measure manager performance against the background of what are perceived as generally poor returns for the year. Currency Manager...

FX Rates versus FX Costs! There’s a Big Difference!

In a conversation with a very important opinion former yesterday, it became obvious that the question of FX is still not well understood at all.  The conversation kept going back to the question of the FX rate, as opposed to the FX cost. The FX rate is the exchange...