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 expertise across global publications and thought leadership work.


    Central bank digital currencies

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    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

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

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    US dollar: Currency dynasty

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    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

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

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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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    FX perspective companion

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

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    Currency to diversify risk

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

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    In the news

    Global pension funds eye currencies

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

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    Lessons learnt from COVID

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    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

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    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

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

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    MCM expands PM team

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

    Press release

    FX hedgepool - matching platform

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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

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    Exchange rate changes and ESG

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

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    EM risks for U.S. investors

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    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

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    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

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

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    Accessing currency returns

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

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    CLS delivers lowers costs, lowers risks

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

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    Currency hedging v. not hedging

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    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

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    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

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    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

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    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

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    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

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    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

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    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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