Academics will probably always debate whether foreign exchange is a legitimate asset class. Investors are increasingly making up their mind and voting with their feet as they put money to work in the currency markets.

The FX market is the world’s largest and most liquid, with $3,200bn (£2,015bn, €2,183bn) being traded daily across the globe. Yet it is also a zero sum game; a gain for one participant must be matched with an equivalent loss by another.