In our weekly Macro Strategy Views podcast, we argue that investors should treat foreign exchange as an asset class and we discuss a framework for analysing FX markets. This makes a lot of sense for, in particular, real money funds to manage currencies increasingly actively. Over the short to medium term, capital flows determine exchange rates.

Global Head of FI&C Research Thomas Harr chairs today’s podcast and he is joined by Head of FX Research Christin Tuxen.