Watching the market in 3D

Thinking about the foreign exchange market used to be a simple exercise. But today it's much more difficult to see things in black and white. The sovereign wealth fund offshoots of some central banks are now in the investment management business. Some hedge funds are making markets. Investment managers are creating active currency funds. Corporates are becoming more sanguine about currency management. Some inter-dealers see themselves as under attack from all angles. Everyone is starting to look