While governments scramble to bail out banks and industry, equity markets across the globe are experiencing a carnage not seen for many decades, lending has ground to a halt and tumbling property prices have left many diversified portfolios with little to cheer about.

Amid this gloom, volatility has returned to the foreign exchange markets. However, investors are looking at fluctuating currencies with new interest, especially so in the UK where the falling pound has caused asset managers to consider the currency markets as they seek opportunities to service pension schemes.