If you look at the major / developed currency pairs, you will notice the price fluctuations are small, it is much harder to speculate in the developed currency markets, swapping euros for pounds is difficult as far to many corporates are taking DM-denominated payments for goods and services.

Technically most of our currency exposure comes from emerging markets, the moves and volatility are far greater. When you look at EM currency pairs and look over a 5 – 10 – 15 year time-frame you will notice these markets often trend extremely well, whereas major pairs, the majority of forex participants are trading mainly trade sideways. This market has far to many scalpers that are already struggling. Generally, emerging markets rely on exporting a physical product to make up the largest part of their GDP. That is why we rely heavily on our multi-asset strategy to trade commodity-currencies together.