Currency Insights Library

We are an independent currency management specialist delivering innovative, customized solutions to institutions globally.

For institutional investors

Access our research and observations

From global currency management to technology and emerging markets risk, our team of currency specialists demonstrate their market expertise across global publications and in thought leadership work.

    USD as Argentina's new currency?

    Argentina banknote

    Peso today, dollar tomorrow. Facing triple-digit inflation, Argentina considers a currency change.

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    Futures overlays for investors

    Close up of currency note

    Hedge Share Class Investors Grapple with Shorter (T+1) Security Settlement Cycle.

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    3Q2023 Currency Commentary

    Currency in blacklight

    Examination of 3Q2023 market activity and Mesirow’s currency for return strategies.

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    An armed war and a currency battle

    Russian rubles with red overlay

    Dollar dominance be damned! Russia tries to trade in other currencies with so-so results.

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    USD and the BRICS threat

    BRICS flags

    Sanctions on Russia lead to a call for a new currency to compete with the USD. Is a common currency likely?

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    2Q2023 Currency Commentary

    Euro in a black light

    2Q2023 currency market activity and commentary on Mesirow's currency for return strategies.

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    Turkey’s currency crisis

    Turkish lira bills

    Lira plummets and President Erdogan calls inflation the ‘mother and father of all evil’.

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    T+1 securities settlement cycle

    Close-up of a analog clock with time showing 11:57

    Same-day security settlement is moving closer to reality. Is the FX market ready?

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    FX settlement risk and CBDCs

    Financial technology concept. Fintech. Online banking. Foreign exchange.

    Foreign exchange trades settle two days after trading. Could they settle in 30 seconds?

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    Shielding your investment

    Knight Pattern Design on Banknote

    Uto Shinohara outlines benefits of active currency hedging for European investors.

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    Central bank digital currencies

    pixilated US hundred-dollar bill detail

    Nations are rushing to launch CBDCs. Will the U.S. be a leader or a laggard in the digital currency race?

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    USD as global reserve currency

    folded US and Chinese Currencies

    Crises and competition challenges USD hegemony as the dominant foreign exchange reserve.

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    US dollar: Currency dynasty

    close-up of old us silver dollar

    How did the USD come to be the world's reserve currency, and is its position safe?

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    2023 currency outlook

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    The delicate relationship between tightening and recession hangs in the balance as we enter 2023.

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    Inflation and currency

    rolled, stacked, varying types of currency in columns

    With inflation surging, investors question its effects on investments globally.

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    FX perspective companion

    closeup of Euro monies with classic columns

    MCM takes a look at the effect of Coronavirus pandemic on the Dollar Spot Index.

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    2022 Currency Outlook

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    Inflation, the Fed, and the US dollar. DXY v. yields, cryptocurrencies, and inflationary pressure.

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    Currency to diversify risk

    Financial growth, Interest rate increase, Interest rate financial

    Currency can be an ideal way to diversify risk within traditional portfolios.

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    2021 Currency Outlook

    Closeup of Benjamin Franklin on money

    2020 will be remembered for the market implications related to COVID-19, Brexit, and the US election.

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    T+1 creates headache for FX trades

    Time and European Euro

    Faster securities settlement increases FX risk as brokers work through the challenges of achieving simultaneous equity and currency trades.

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    Pension funds look to currencies

    International money currency banknote background

    Some portfolio managers worry about upside in equities and fixed income and look to currency strategies to boost overall returns.

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    USD slips as market eyes Fed action

    Slightly off axis, shallow focus close up, of president George Washington, from obverse of American one dollar bill

    Economic data (and still high inflation) has led some banks to forecast three additional rate hikes from the Fed in 2023.

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    FXPA names Mesirow as newest member

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    The Foreign Exchange Professionals Association (FXPA) represents the collective interests of the institutional FX industry.

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    Lessons learnt from COVID

    Background blue virus cells, blood platelets, capsule pills. Digital 3d vector illustration

    A reflection on the Coronavirus pandemic’s lasting impact and influence on currency markets and lessons to take into the future.

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    Currency Manager of the Year 2022

    fifty European Polish zlotys on the front side, obverse with the king

    For the third year in a row, MoneyAge has named Mesirow Currency Management its Currency Manager of the Year.

    Press release

    ESG factors & currency strategies

    Sustainable glass office building with tree for reducing carbon dioxide.

    Joe Hoffman, Mesirow Currency Management CEO, speaks on ESG factors for an FX strategy at the 2021 ASI conference.

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    Mesirow Currency expands PM team

    Hundred dollar bill in abstract lighting, close-up

    Mesirow Currency Management hires Marcin Bednarczyk from Russell Investments. Bednarczyk will focus on investment strategy and PM functions.

    Press release

    FX hedgepool - matching platform

    Bright and modern ceiling Modern Building in Shenzhen, China Abstract Architecture, curve detail and modern facade

    Peer-to-peer matching platform FX HedgePool targets the FX swaps market and asset managers' month-end hedging activity.

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    FX trading during COVID

    One dollar bills with protective face mask in a digital space with dna microarray concept.

    Foreign exchange traders are transacting millions from their living rooms as currency markets adapt to a new normal.

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    Currency exposure & pension funds

    Banknote close-up twenty euro hologram

    A look at how Europe’s pension funds can take advantage of currency exposure and minimise the risks associated with it.

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    FX and the Big Bang Theory

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    As electronic trading went mainstream, it created an explosion of growth in the market. But has this growth run out of steam?

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    A currency resurgence

    cash money - euro bills, european money

    After losing popularity following the crash in 2008, currency is undergoing a resurgence with investors considering it as a source of alpha.

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    Mesirow Currency expands team

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    Aaron Wham and Mike Emambakhsh, PhD have joined the firm’s Currency team; establishing the group’s presence in Seattle and London.

    Press release

    FX Global Code of Conduct

    Macro photography of the microprint or microtext on the Australian 10 dollar.

    An honest discussion about the challenges associated with implementing the Global FX Code of Conduct.

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    The buy side and the FX Global Code

    frozen US 100 dollars

    Much has been made of the low buy side sign up to the FX Global Code, but numbers are growing as more managers sign the pledge.

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    MCM acquires global alpha team

    Pound currency background, close-up - 20 Pounds

    Mesirow announced an agreement to acquire assets of The Cambridge Strategy (Asset Mgt) Ltd, a UK-based currency alpha investment firm.

    Press release

    Currency Manager of the Year

    Euro Tunnel

    European Pensions awards Mesirow Currency Management their Currency Manager of the Year Award at their annual ceremony in London.

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    Best execution in foreign exchange

    US Paper Currency, Stock Market and Exchange, Currency, Finance, Graph

    Taking a more pragmatic approach to the ongoing process of aligning new regulations with client goals and expectations.

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    A currency guide for investors

    rolls of world currencies in rubber bands on yellow background

    The impact currency has from the perspective of risk providers & return generators.

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    Exchange rate changes and ESG

    2 glass buildings with superimposed green tree tops

    Predicting exchange rate changes using country environmental, social, and governance ratings.

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    EM risks for U.S. investors

    graphs stacked at angle with purple blue and yellow

    Examining currency risk in an EM international equity portfolio from the perspective of a USD based investor.

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    Enhancing ESG portfolio returns

    Building side view with green plants in boxes

    Could currency alpha help enhance the return to risk ratios of an ESG rated equity or bond fund?

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    Mesirow Intelligent Carry Factor

    blue and orange bar chart superimposed over US 100 Dollar bills

    Why having an adaptable carry strategy is important in a time of risk aversion.

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    Accessing currency returns

    graph transparent over US 100 dollars and 1 curled 100 Euro

    A methodology for constructing three "intelligent" currency beta factors based on popular trading styles.

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    CLS delivers lowers costs, lowers risks

    red graphic with bar chart line graph and table with numeric values

    MCM examines the benefits of Continuous Linked Settlement (CLS) from the trading desk perspective.

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    Currency hedging v. not hedging

    line graphs superimposed on a screen of percentages and numeric values

    A look at the advantages of currency hedging from the point of view of a U.S. investor.

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    COVID-19, economy and currencies

    macro view of cellular bisection with blue dyes

    MCM analyzes COVID-19's economic impact on currencies and presents a predictive model utilizing COVID-19 indicators for FX trading signals in this extensive work.

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    Data visualisation & FX trading

    small blue semi-transparent circles on a black background

    Does more data mean better models? Not for neural network-based FX trading. This paper explores a qualitative approach to training deep neural network FX strategies.

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    ESG for systematic FX trading

    transparent globe formed from blue and white lines and circles

    This work highlights our incorporation of ESG data into our systematic FX trading strategies utilizing an in-house pipeline for data acquisition, cleansing, restructuring, and standardization.

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    Featured in European Pensions

    macro cropped pound note currency

    MCM explains how fusing signals generated from 'micro' and 'macro' deep neural networks (DNNs) can alleviate the effects of various issues common with DNNs.

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    MCM on Moneyage podcast

    close-up of microphone with peach and teal colored light reflections

    MCM's Richard Turner and Mike Emambakhsh, PhD, discuss currency opportunities for asset managers as well as detailing their work with machine learning and FX models.


    Deep neural networks

    cgi of a brain created from color points and connecting blue-green lines

    Using historical spot rates, MCM's neural network models address the challenges that traditional machine learning techniques can face when modelling financial time series.

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    Talking FX algorithms


    MCM discusses their role as agent and fiduciary, their technology and trading infrastructure, and the importance of selecting the right algo execution strategy in order to fulfill client orders.

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