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Advertising Material for professional investors only* A wise client of a Swiss bank once argued that she traded currencies not to make money but to earn it somewhere else. Trading currencies enables you to understand relative forces and a wide variety of economic mechanisms. For example, from 2002 to roughly 2011/2013 the rise of BRICs…

Advertising Material for professional investors only* Investors familiar with Emerging Markets know that in a wage inflation spiral, the central bank must maintain a tight monetary policy by having real interest rates that are sufficiently positive (5Y inflation is a tad above the 5Y sovereign, see Graph below). This also helps avoid imported inflation from…