The note deploys an automated currency trading strategy based on 40-day moving averages to take positions on currency pairs. The pairs comprise the US dollar against the euro, Brazilian real, Korean won, Canadian dollar, South African rand and the Taiwan dollar.
Each month the strategy takes the exposure of the two currencies pairs with the strongest trading signal. The note is offered on a 200% to 400% leveraged basis with a three or five-year term and is capital guaranteed. Back-testing ove