The fog of war

Navigating for currency value is difficult at the best of times. But it is particularly challenging during phases of uncertainty when investors begin to question the drivers behind market movements. It is in this current context that a ‘fair value’ approach can help provide direction. We offer guidance on this issue with our new valuation model, the FX Compass.

The Compass explains how the exchange rate acts as the clearing mechanism between global users and providers of capital. It goes beyond

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