Richard Thaler, a behavioural economist, received a Nobel prize. Speaking by phone on Bloomberg TV, he said:

“We seem to be living in the riskiest moment of our lives, and yet the stock market seems to be napping, I admit to not understanding it.”

From our fund point of view, we have a couple of lightly traded shares awaiting the conclusion. Otherwise, we are 100% short-term (both long and short) trading of a chosen currency pairing.

We have traded GBP/JPY, changed to USD/JPY and currently, we trade GBP/USD. Another consideration for us is AUD/USD.

We moved from GBP during Brexit and for the months after.  About the price, JPY is consistent, a requirement of our strategy; unexpected volatility is not, therefore the decision, for the time being, to move back to GBP.

We do not hold trades overnight, as there is often inadequate liquidity during this period; with an increased probability of a spike in price.

Trading equities can be very different to currencies, specialization is appropriate.