splashy
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Its a weird one - they are not hedges for each other (quite often their charts are very similar) but sometimes the currency pair will spiral somewhere leaving ftse flat and its nice to catch that move which would be missed by trading ftse alone.
So i guess its for an element of diversification although there is also some obvious correlation too. Having said that, the most attractive reason for trading either is that they are both reasonably low risk and both seem to pay well enough.
I'll put some numbers up later so anyone who wants to can take a look and judge for themselves.
some Big Ben numbers since feb for anyone who's interested....