Lessons in FX

What have the past 12 months taught us about the global economy and FX markets that might help us maintain profitability in 2003? The following four lessons are those we think are important -- though the list is far from exhaustive.

1. If monetary policy didn’t cause it, it won’t necessarily fix it

A recession that has little to do with excessively tight monetary policy (but a lot to do with over-investment) will not respond well, even to aggressive monetary easing. Specifically in the US, we

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