Currency Strategy

In getting this book from the first stage of an idea to the printed edition, I am greatly indebted

to Sally Smith and Rachael Wilkie of John Wiley & Sons publishing company for the initial

invitation to write on this topic and subsequently for their advice, encouragement and diligent

editorial work. It is a pleasure to work with people as professional as these.

Greg Edwards and Emmanuel Acar, experts in theirrespective fields of corporate and investor

currency risk management, were kind enough to read Chapters 7–9 and make corrections,

suggestions and constructive criticism, without which this work would have undoubtedly been

the poorer. TJ Marta provided charts and good advice. Specific thanks must go to Anil Prasad

for allowing me the time to complete the book.

My deepest gratitude goes to my wife Tamara, for her patience, love and understanding

while I attempted to write this book on top of a full-time job as a currency strategist. I am also

as ever indebted to my father and to the memory of my mother, who battled to get me to read at

an early age, an effort that successfully unleashed an avalanche of reading, inquiry and travel.

What little or otherwise I have become is down to their dedication and love and a very simple

rule — to fail is forgivable but to fail to try is not.

More generally, and outside of the specific framework of this book, anyone’s knowledge of

financial markets is a reflection both of their experience and of their interaction with market

participants. Theory is fine but there is nothing like watching and listening how it is done at

the sharp end. In my career, I have been fortunate enough to come across a broad spectrum

of experts in their respective fields, in central banks, in dealing rooms and within government

and international organizations. They in turn have been kind enough to give of their time and

their views. Space, consistency and in some cases the respected need for anonymity require

that these do not be named individually. Suffice to say they know who they are and it is my

pleasure and privilege to know them.

Last but not least, I wish to thank the reader. Having served in many capacities in my career,

in journalism, in business, in analysis and finally in banking, an abiding theme of mine has

been to keep a clear focus on the most important person in whatever field one is in — the client.

Too many forget this most fundamental aspect of commerce. Thus, in this small way, I thank

the reader for taking his or her time to examine the ideas I have presented here and trust that

in some measurable way they feel they have benefited from the experience.