The Parker FX Index covering June was released this week. The index has been going since 1986 and “is a performance-based benchmark that measures both the reported and risk-adjusted returns of global currency managers”. The last time we reported on the index was back in March when the report was released for January (FX news: Parker index down in January). We said that alpha generation had been difficult over the preceding year (the index was down 0.44% over that period) and it is clear that things haven’t got much easier: the index is up only 0.75% in the year to the end of June. On the other hand perhaps that’s not too bad; after all it’s two-and-a-half times the yield on the one-year T-bill.