Tactics come to fore amid heightened intervention

“From an economic, political and foreign exchange perspective, the major development is of the G-20 world. There has been a great politicising of currencies," said Paul Chappell, chief investment officer at C-View.

Chappell, who runs a diversified discretionary strategy, said that in current conditions, where governments are not afraid to manage local currencies, discretionary managers perform better than their systematic peers. “In the past 20 to 30 years, we have traded minors while