The euro is subject to enormous economic forces that could equally be very positive for the currency or the cause of an even greater fall.

The fund's investment strategy is based on an established process, which has a track record of producing returns with a low correlation to equities, bonds and alternatives, demonstrating particularly strong resilience in adverse market conditions.

The monthly data published at the start of the second quarter are fairly mixed and show no tangible signs of growth momentum improving in China. The GDP published for the second quarter has recently confirmed this sentiment. The slowdown at work since the start of the decade is continuing, but not accelerating.

2018 has been marked by various emerging market crises. From Turkey to Argentina, confidence has eroded, resulting in bond and currency chaos. There is a growing focus on South Africa, and our analysis suggests that will continue.

In the era of Central Bank policy influence, we have become used to large shifts in the performance and trends of different currencies across time. For the better part of the past two years, the currency headlines have been dominated by a weakening US Dollar.