This paper considers the role that currency plays as a source of return and the benchmarks that may be utilized in measuring currency specific return. Since there are different uses for currency the use will determine the suggested measurement. The most prevalent measurements relate to execution, the imbedded currency return in an international investment, and an absolute return basis. If Karnosky and Singer could be considered a holistic, top-down methodology with a focus on all aspects of international investing, this paper is a currency bottoms-up approach, seeking to isolate currency as distinct from other components.

Establishing Benchmarks for Currency: The Disentangling of Currency Returns.