FX is increasingly shaped by decisions taken outside the FX market, by the allocators whose portfolio choices become the market's flow. Opening main day one, Fabiana Fedeli gives the view from a global multi-asset CIO's seat: how currency is actually incorporated into portfolio construction, where it is a cost to be managed and where it is a genuine source of return, and why direction of travel and risk mapping matter more than point forecasts. The session covers how currency decisions differ by asset class and region, the role of carry in this rate environment, and what recent episodes reveal about the distance between consensus positioning and the outcome.