Canadian rate cuts cause trend reversal

Foreign exchange markets remained turbulent during July, with rate cuts in peripheral currencies' nations damaging some portfolios with unexpected trend reversals. Fergus Walsh, manager of Appleton Capital Management's 25% Risk Currency Program, says: "The overriding story for foreign exchange funds this year has been the strengthening of the euro against the dollar, although that trend has cut back a bit recently." Walsh adds the fund made 34.43% to the end of June, before giving back 10.97% in July. Appleton's fund trades in only four currencies - the US and Canadian dollars, yen and ...