Rebalancing ‘will take years'
LONDON - Legg Mason global fixed-income subsidiary Western Asset Management has reduced its exposure to currency strategies after warning the foreign exchange market will take years to rebalance.
Western Asset's London-based senior product specialist, Mike Zelouf, said short-term technical trading has created extreme volatility in exchange markets, leading to a number of currency misalignments.
Sterling has been one of the hardest hit currencies, falling to an all-time low against the euro and
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