Before revision:  Buying currencies that are receivers and selling currencies that are transmitters of short-term shocks exhibits a high Sharpe ratioand yields a significant alpha when controlling for standard dollar, carry trade, volatility, variance risk premium and momentum strategies.
After revision:  Buying currencies that are receivers and selling currencies that are transmitters of short-term linkages between currency volatilities generates a significant Sharpe ratio. The network strategy formed on causal connections is uncorrelated with popular benchmarks and generates a significant alpha when controlling for standard dollar, carry trade, volatility, variance risk premium and momentum strategies.