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:  A portfolio that buys net-receivers and sells net-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.