Tilney Bestinvest has removed its currency euro and yen hedges in the belief that the macroeconomic factors driving weakness in the currencies have now subsided.
The wealth manager's chief investment officer Gareth Lewis said the strong currency views taken by the investment team in recent months have been wound down as currency pressures ease. Tilney Bestinvest: Currency, not positioning, will define returns this year Since the start of the year, the euro has fallen from $1.21 to $1.05 in March, while the yen was at 107 yen to the US dollar in October, and currently trades at 123. But falls in the currencies have stabilised, with the euro trading around the $1.10 mark today despite the growing risk of a Greek exit from the eurozone. ...
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