FX Market round-up: To lose or not to lose
Rumours are doing the rounds that an extremely large North American pension fund has taken a big hit in FX.
The fund concerned will not comment, citing the normal corporate policy of not commenting on rumours. Furthermore, it will not confirm the apparent abrupt departure date of the chap who managed the fund’s FX exposure. Market gossip says that the fund started to run a freewheeling FX operation, which went a little bit beyond implementing an overlay hedging programme. When will they learn?