Macro
Neuberger Berman is launching a new FX-focused macro fund. The Neuberger Berman Macro Opportunities FX Fund aims to deliver positive returns of 5–6% in excess of cash per annum before fees, primarily by exploring relative value across G10 currencies. The firm says that the fund’s investment strategy is based on an established process, which has […]
John Arabadjis, head of markets macro strategy product and analytics at BNY Mellon, talks to Profit & Loss about the challenges associated with mining different data sources to produce new insights for investors. Profit & Loss: You were recently hired by BNY Mellon in the newly created role of head of markets macro strategy product […]
Profit & Loss Forex Network NYC is set for May 24th at the Crowne Plaza Times Square, with an opening with a Fireside Chat entitled “Keeping Pace with Cryptos” with Mike Gill, Chief of Staff to CFTC Chairman Christopher Giancarlo, and CFTC COO.
The annual event will take a look at the emergence of cryptocurrencies and tokens as a “new economy”, one that offers enticing opportunities for traders given the volatility these products exhibit and their lack of correlation to traditional asset classes. The growth in these digital assets in 2017 was extreme, can the beta tailwinds continue in 2018? And with the emergence of so many new exchanges, cryptocurrencies and tokens, where should investors look for the best alpha opportunities?
New research from Deutsche Bank shows that returns from FX macro managers have dropped to their lowest levels since the 1980s, despite the fact that “there does not appear to be a structural decline in the excess returns available to FX investors”.
The Deutsche Bank Currency Index (dbCR), which captures the beta available in the FX market by following a simple carry, valuation and momentum strategy, is at -2% for the year, but is well within historical ranges.
Hence the assessment from George Saravelos, an FX strategist at Deutsche and author of the research note, that despite low volatility and uncertainty around key macro issues there doesn’t appear to be a structural decrease in potential FX returns.
Barclays has appointed Filippo Zorzoli as head of macro distribution for EMEA and Asia Pacific.
In addition, Filippo will also be head of solutions sales globally. He starts at Barclays in September 2017 and will be based in London.
Barclays’ macro business is part of its investment bank, helping both institutional and corporate clients trade FX and interest rate products. The macro team works in close partnership with Barclays’ research team, which publishes daily insight for clients on global macroeconomic and political issues.
