Global currency fund managers racked up gains in the first quarter as they benefited from the extreme volatility that the coronavirus pandemic has ...
Global currency fund managers racked up gains in the first quarter as they benefited from the extreme volatility that the coronavirus pandemic has stoked across financial markets.
Driving the gains in currency funds has been a surge in the market swings that traders need to make money, as expectations of the worldwide coronavirus-fueled slowdown prompted investors to move out of a broad range of currencies and into the U.S. dollar. Many of the market's gyrations have hinged on moves in the U.S. dollar and, to a lesser degree, other haven currencies such as the yen and Swiss franc.
The Swiss franc and the yen, two other popular destinations for nervous investors, were up 3per cent and 1per cent respectively in the first quarter. "In periods like this, you should be long the U.S. dollar, the yen, and Swiss franc and short everything with low liquidity like the Swedish krona, Norwegian krona, and currencies close to global growth like the Australian and Canadian dollars," said Momtchil Pojarliev, head of currencies at BNP Asset Management in New York.
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