To make consistent return from the FX market is a very tough task. The reason for this is simply because FX, as an asset class, is far more complex compared to Fixed Income, Commodities and Equities. Very often you are better off to express macro narratives in Fixed Income, Commodities and Equities compared to FX, simply because all sorts of things feed into the FX market. It’s not very often FX is the optimal go-to asset to express big macro narratives, but there are obviously exceptions like Abenomics from 2012, which started the trend of JPY weakness which is still evident today.

Luckly, there are a few strategies where the FX market always will be the preferred asset class.