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What would a 'pair portfolio' look like if you treated each major pair as an uncorrelated asset class?
Majors aren't perfectly correlated. EUR/USD and USD/CHF often move inversely. AUD/USD tracks commodities. GBP/USD follows UK politics. Allocating capital across structurally different drivers can smooth equity curves without reducing expectancy.
Action
Map the seven majors by primary driver: rates (USD/JPY), commodities (AUD/USD, USD/CAD), risk sentiment (USD/CHF), politics (GBP/USD), broad macro (EUR/USD), China proxy (NZD/USD). Build a watchlist covering each driver.
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