The actions of central banks have turned the world of currency managers upside down. Central banks in the US, UK and Japan have printed large sums of money to invest in their bond markets, and the European Central Bank has pledged to do “whatever it takes” to support bonds in peripheral countries. These steps are moving markets and forcing currency managers to reassess their investment criteria.

Malcolm Leigh, a principal at consultancy Mercer, said most currency managers forecast movements based on fundamental economic indicators and trends, rather than political intervention. He said: "When the only thing that is moving the currency is something that hadn't been part of the picture before, it's difficult to make money."