Thought Leadership

Multicurrency Commentary 1st Quarter 2011

April 20, 2011

Our strategy was positioned at the start of the year for a continued recovery in the euro and underperformance by the Japanese yen. Indeed, the euro continued to strengthen as the market came to embrace our view that crisis in the peripheral nations would not destabilize the Eurozone, or lead to the end of the euro as a currency. The yen, despite a brief safe haven rally, fell by the end of the period.