Everyone is obsessed with what’s happening in currencies these days, so this makes sense: Matthew Lynn of Bloomberg declares FX traders the new kings of Wall Street.Three reasons why:
- The sovereign-debt crisis
- The demise of the dollar
- The creation of new reserve currencies
Wall Street trends move in decades, he argues. M&A was hot in the 1980s, venture capitalism in the 1990s, and hedge funds in the 2000s.
Now all anyone talks about is the dollar, and so the folks who can save you a fraction of a fraction of a penny when trading them are going to be very important.