Enterprising Investor
Practical analysis for investment professionals

currency exchange


Global Fungible Money Flows Heighten Volatility Risks

Rapid yen appreciation in the third quarter triggered a brief-but-disruptive volatility surge across major asset markets, demonstrating the fleeting nature of "liquidity-on-loan."

The FX Swap Market: Growing in the Shadows

The foreign exchange (FX) swap market ought to be both transparent and well regulated. It is neither.

The Renminbi: Don’t Bet on a Big Plunge

A devaluation of the RMB does not serve China's interests, writes Henry To, CFA. In fact, To believes the RMB will hold steady against the dollar for the rest of 2017, and he lists three reasons why.

Weekend Reads from China: The RMB in the SDR — What It Means for China

The renminbi (RMB)'s entry into the SDR is an important milestone for both China and the world. While it will enhance China's diplomatic prestige and benefit the economy, it also presents challenges for Chinese policymakers.

The Effects of FX!

Ronald G. Layard-Liesching outlined a startling and complex thesis at the recent 2015 CFA Institute Fixed-Income Management Conference in Boston.

Book Review: The Battle of Bretton Woods

This thorough, fascinating account of the international conference that culminated in the 1944 agreement to maintain stable exchange rates skillfully places it in its economic and geopolitical context. Although the author presents no boldly original interpretation of Bretton Woods, he offers excellent insight into the tribulations of the key players.

The Hildebrand Case: Ethics and the Power of Perception

The recent scandal that led Swiss National Bank chairman Philipp Hildebrand to resign highlights the difference between what is legal and what is ethical. The law tells us what we “can and cannot do,” whereas ethics tells us what we “should and should not do.”

The Potential European Debt Crisis You Are Not Hearing About

The European sovereign debt crisis has been occupying a disproportionate amount of investor mindshare over these past many months. Yet there is another potential debt crisis in Europe that is receiving… READ MORE ›



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