Currency Insights Library
We are an independent currency management specialist delivering innovative, customized solutions to institutions globally.
For institutional investors
Access our currency markets research, insights 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.
Viewpoints
Are we too dependent on WMR?
FX benchmark prices are critical for global commerce, but is there a hidden risk in your favorite FX rate?
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The wide-ranging effects of FX rates
Keeping an eye on currency trends can explain the ‘why’ of economic events.
Learn moreDon't let FX erode your gains
Investors should assess how currency exposure impacts their portfolios and consider strategies to manage this risk.
Learn moreUnderstanding currency quotes
Learning what exchange rates may signify can offer a clearer view of market forces and economic trends.
Learn moreSafe haven currency hedging
Why do US and Swiss pension funds use different currency risk strategies?
Learn moreReduce liquidity management stress
Identifying the appropriate liquidity approach for a currency overlay is a risk consideration not to overlook.
Learn moreChina's new payments system
US delay to issue a central bank digital currency could have geopolitical implications.
Learn moreCandidates try to entice voters
Will tariffs and higher taxes be enough to pay for proposed tax breaks? Not even close.
Learn moreUS national debt burden
The debt level is approaching its 1946 historic high. Will the US take action?
Learn moreRapid payments and economic growth
Rapid payments speed money through the financial system; economic growth follows.
Learn moreCryptocurrencies with a pegged price
Stablecoins aim to become a mainstream medium of exchange.
Learn moreTokenized digital gold
Tokenized gold digitizes ownership of physical gold making it tradeable on a distributed ledger.
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US rapid payment systems
The benefits of rapid payment systems have many nations interested. Can a US system find success?
Learn moreT+1 and foreign investors
T+1 will affect processing time, currency trading and foreign investors. Is an FX specialist necessary?
Learn moreHope for a new gold standard?
Gold played a pivotal role in the post-WWII international monetary system.
Learn moreThe postwar gold standard
After the Great War, the world attempted to relive gold’s glory years. Did it work?
Learn moreGold gets a good start
We examine gold’s history, focusing on the 19th and 20th centuries when gold was in a prominent monetary role.
Learn moreCryptocurrencies and Tokenization
Distributed ledger technology fosters digitization of just about everything.
Learn moreCurrency hedging for Swiss Investors
Tenor management can alleviate carry penalties while managing currency risk.
Learn moreUSD as Argentina's new currency?
Peso today, dollar tomorrow. Argentina considers a currency change.
Learn moreFutures overlays for investors
Hedge Share Class Investors Grapple with Shorter (T+1) Security Settlement Cycle.
Learn moreAn armed war and a currency battle
Dollar dominance be damned! Russia tries to trade in other currencies with so-so results.
Learn moreUSD and the BRICS threat
Sanctions on Russia lead to a call for a new currency to compete with the USD. Is a common currency likely?
Learn moreTurkey’s currency crisis
Lira plummets and President Erdogan calls inflation the ‘mother and father of all evil’.
Learn moreT+1 securities settlement cycle
Same-day security settlement is moving closer to reality. Is the FX market ready?
Learn moreFX settlement risk and CBDCs
Foreign exchange trades settle two days after trading. Could they settle in 30 seconds?
Learn moreShielding your investment
Uto Shinohara outlines benefits of active currency hedging for European investors.
Read articleCentral bank digital currencies
Nations are rushing to launch CBDCs. Will the U.S. be a leader or a laggard in the digital currency race?
Learn moreUSD as global reserve currency
Crises and competition challenges USD hegemony as the dominant foreign exchange reserve.
Learn moreUS dollar: Currency dynasty
How did the USD come to be the world's reserve currency, and is its position safe?
Learn moreInflation and currency
With inflation surging, investors question its effects on investments globally.
Learn moreFX perspective companion
MCM takes a look at the effect of Coronavirus pandemic on the Dollar Spot Index.
Learn moreCurrency to diversify risk
Currency can be an ideal way to diversify risk within traditional portfolios.
Learn moreResearch
A currency guide for investors
The impact currency has from the perspective of risk providers & return generators.
Learn moreExchange rate changes and ESG
Predicting exchange rate changes using country environmental, social, and governance ratings.
Learn moreEM risks for U.S. investors
Examining currency risk in an EM international equity portfolio from the perspective of a USD based investor.
Learn moreEnhancing ESG portfolio returns
Could currency alpha help enhance the return to risk ratios of an ESG rated equity or bond fund?
Learn moreMesirow Intelligent Carry Factor
Why having an adaptable carry strategy is important in a time of risk aversion.
Learn moreAccessing currency returns
A methodology for constructing three "intelligent" currency beta factors based on popular trading styles.
Learn moreCLS delivers lowers costs, lowers risks
MCM examines the benefits of Continuous Linked Settlement (CLS) from the trading desk perspective.
Learn moreCurrency hedging v. not hedging
A look at the advantages of currency hedging from the point of view of a U.S. investor.
Learn moreInnovation
COVID-19, economy and currencies
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.
Learn moreData visualisation & FX trading
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.
Learn moreESG for systematic FX trading
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.
Learn moreFeatured in European Pensions
MCM explains how fusing signals generated from 'micro' and 'macro' deep neural networks (DNNs) can alleviate the effects of various issues common with DNNs.
Learn moreMCM on Moneyage podcast
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.
ListenDeep neural networks
Using historical spot rates, MCM's neural network models address the challenges that traditional machine learning techniques can face when modelling financial time series.
Learn moreTalking 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.
Learn moreIn the news
Markets Media FX Q&A
Joe Hoffman, CEO, speaks to Markets Media about the firm's systematic investment approach to currency management.
Learn moreT+1 creates headache for FX trades
Faster securities settlement increases FX risk as brokers work through the challenges of achieving simultaneous equity and currency trades.
Learn morePension funds look to currencies
Some portfolio managers worry about upside in equities and fixed income and look to currency strategies to boost overall returns.
Learn moreUSD slips as market eyes Fed action
Economic data (and still high inflation) has led some banks to forecast three additional rate hikes from the Fed in 2023.
Learn moreFXPA names Mesirow as newest member
The Foreign Exchange Professionals Association (FXPA) represents the collective interests of the institutional FX industry.
Learn moreLessons learnt from COVID
A reflection on the Coronavirus pandemic’s lasting impact and influence on currency markets and lessons to take into the future.
Learn moreCurrency Manager of the Year 2022
For the third year in a row, MoneyAge has named Mesirow Currency Management its Currency Manager of the Year.
Press releaseESG factors & currency strategies
Joe Hoffman, Mesirow Currency Management CEO, speaks on ESG factors for an FX strategy at the 2021 ASI conference.
Learn moreMesirow Currency expands PM team
Mesirow Currency Management hires Marcin Bednarczyk from Russell Investments. Bednarczyk will focus on investment strategy and PM functions.
Press releaseFX hedgepool - matching platform
Peer-to-peer matching platform FX HedgePool targets the FX swaps market and asset managers' month-end hedging activity.
Learn moreFX trading during COVID
Foreign exchange traders are transacting millions from their living rooms as currency markets adapt to a new normal.
Learn moreCurrency exposure & pension funds
A look at how Europe’s pension funds can take advantage of currency exposure and minimise the risks associated with it.
Learn moreFX and the Big Bang Theory
As electronic trading went mainstream, it created an explosion of growth in the market. But has this growth run out of steam?
Learn moreA currency resurgence
After losing popularity following the crash in 2008, currency is undergoing a resurgence with investors considering it as a source of alpha.
Learn moreMesirow Currency expands team
Aaron Wham and Mike Emambakhsh, PhD have joined the firm’s Currency team; establishing the group’s presence in Seattle and London.
Press releaseFX Global Code of Conduct
An honest discussion about the challenges associated with implementing the Global FX Code of Conduct.
Learn moreThe buy side and the FX Global Code
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.
Learn moreMCM acquires global alpha team
Mesirow announced an agreement to acquire assets of The Cambridge Strategy (Asset Mgt) Ltd, a UK-based currency alpha investment firm.
Press releaseCurrency Manager of the Year
European Pensions awards Mesirow Currency Management their Currency Manager of the Year Award at their annual ceremony in London.
Learn moreBest execution in foreign exchange
Taking a more pragmatic approach to the ongoing process of aligning new regulations with client goals and expectations.
Learn moreCommentary
1Q2025 Currency Commentary
Examination of 1Q2025 market activity and Mesirow’s currency for return strategies.
Learn more4Q2024 Currency Commentary
Examination of 4Q2024 market activity and Mesirow’s currency for return strategies.
Learn more3Q2024 Currency Commentary
Examination of 3Q2024 market activity and Mesirow’s currency for return strategies.
Learn more2Q2024 Currency Commentary
Examination of 2Q2024 market activity and Mesirow’s currency for return strategies.
Learn more1Q2024 Currency Commentary
Examination of 1Q2024 market activity and Mesirow’s currency for return strategies.
Learn more4Q2023 Currency Commentary
Examination of 4Q2023 market activity and Mesirow’s currency for return strategies.
Learn more3Q2023 Currency Commentary
Examination of 3Q2023 market activity and Mesirow’s currency for return strategies.
Learn more2Q2023 Currency Commentary
2Q2023 currency market activity and commentary on Mesirow's currency for return strategies.
Learn moreAnnual outlooks
Video | 2025 Currency outlook
Geopolitical uncertainty, Trump policy ramifications and global instability will keep investors watchful in 2025.
Watch video2025 Currency outlook
Uto Shinohara, CFA, Senior Investment Strategist for Mesirow Currency Management, reflects on 2024 US dollar movements before looking ahead towards what we may see in 2025.
Learn moreVideo | 2024 Currency outlook
Watch Uto Shinohara, CFA, Senior Investment Strategist, explain the potential for more FX market volatility into 2024.
Watch video2024 Currency outlook
Uto Shinohara, CFA, Senior Investment Strategist, outlines the potential for more market volatility for the FX markets in 2024.
Learn more2023 Currency outlook
The delicate relationship between tightening and recession hangs in the balance as we enter 2023.
Learn more2022 Currency outlook
Inflation, the Fed, and the US dollar. DXY v. yields, cryptocurrencies, and inflationary pressure.
Learn more2021 Currency outlook
2020 will be remembered for the market implications related to COVID-19, Brexit, and the US election.
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