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Primary Article

Do Foreign Exchange Markets Still Trend?

Kuntara Pukthuanthong-Le, Richard M. Levich and Lee R. Thomas
The Journal of Portfolio Management Fall 2007, 34 (1) 114-118; DOI: https://doi.org/10.3905/jpm.2007.698040
Kuntara Pukthuanthong-Le
Assistant professor of Finance at San Diego State University, College of Business Administration in San Diego,CA.
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  • For correspondence: kpukthua@mail.sdsu.edu
Richard M. Levich
A professor of finance and international business at NewYork University, the Leonard M. Stern School of Business in NewYork City.
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  • For correspondence: rlevich@stern.nyu.edu
Lee R. Thomas III
The chief finance officer at Allianz Global Investors in Austin,TX.
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  • For correspondence: lee.name@gmail.com
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Abstract

Is it possible to trend-trade profitably in foreign currencies? Examination of both major currency futures contracts that have been trading since the 1970s and more recent contracts on exotic currencies that have begun to trade only in the past several years shows that the era of easy profits in major foreign currencies from simple trend-following strategies is over. Trend-trading in a currency may have been advantageous in the early years of a floating-rate regime, but markets have adapted so that profits from these simple trading strategies have vanished. Newly trading currencies do appear susceptible to trend-following trading strategies, and there may remain in this case some attractive profit opportunities.

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The Journal of Portfolio Management
Vol. 34, Issue 1
Fall 2007
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Do Foreign Exchange Markets Still Trend?
Kuntara Pukthuanthong-Le, Richard M. Levich, Lee R. Thomas
The Journal of Portfolio Management Oct 2007, 34 (1) 114-118; DOI: 10.3905/jpm.2007.698040

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Do Foreign Exchange Markets Still Trend?
Kuntara Pukthuanthong-Le, Richard M. Levich, Lee R. Thomas
The Journal of Portfolio Management Oct 2007, 34 (1) 114-118; DOI: 10.3905/jpm.2007.698040
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