In the UK, at least, most of the investments sold as currency funds to the retail market tend to be money market products. The only foreign exchange risk investors will have is normally the product of placing money on deposit in an overseas currency.
That situation is about to change with the imminent launch of a range of FX funds in Europe under the Ucits III wrapper.
Ucits III allows asset managers to obtain what is frequently referred to as a European passport.
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