2012 was a year of relative value in FX markets. Over 2013 yield and growth differentials will gain greater prominence as FX drivers. The majority of currencies are set to gain ground against the USD, except the CHF and EUR. The best performers will be high-beta emerging-market and commodity currencies. 2012 has been a year of relative value in FX markets. Simply stating that it has been a USD-positive or -negative year is not sufficient. The best performers versus the USD have been a variety of emerging-market currencies led by the HUF and PLN. Conversely, some emerging currencies, especially those that can be ... (full story)