In multi-asset portfolios, FX exposure typically arises from underlying asset allocation rather than standalone currency views, yet it can materially influence portfolio behaviour as market conditions change.

This presentation explores how FX hedging decisions are made and adjusted over time within a multi-asset framework, including the role of US dollar exposure as a risk offset across different market regimes. The session will also touch on how option markets and implied volatility help signal changing market expectations, informing when to hedge, reduce or retain currency exposure. A portfolio-level perspective on treating FX as an integral part of multi-asset allocation decisions.