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And Finally...
There is a lot of press around discussing the struggles currency managers are having in making money in markets that ostensibly should be fertile ground. We have some real moves, event risk, interest rate divergence and a changing market structure – all of which would suggest there is an opportunity for everyone, but it's not happening. One of the reasons for this is that different narratives are driving markets at different times - and that makes it hard for a single strategy to succeed.

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