The foreign exchange market is becoming increasingly murky. As central banks ease monetary policy, trading the euro, the dollar or the yen against each other has become a fool’s game, say dealers.
Now currency hedge funds, looking elsewhere for returns, have turned to emerging markets.
Currency managers had their most successful month this year in September, gaining 1.11 per cent on average, according to the Parker Currency Managers index. Bets that Asian and Latin American currencies would rise after the Federal Reserve announced a third round of monetary easing, or QE3, created the bulk of those returns.
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