1 page Economics paper:
You should relate the class topics to the market (macro event) and then discuss the FX effects using the BOP, supply and demand relationships, and relative prices; next, pick a foreign investment strategy (e.g. long EU equities), discuss the secondary FX effects, and then discuss the hedging alternatives to protect against that secondary effect. The classic example of this FX reaction is the carry trade (discussed in the FX slides).
Organized around a thesis of an event affecting FX markets with the explanation of the economic mechanism for that reaction (BOP S/D, relative prices). Include the secondary FX effects and hedging strategy for your hypothetical thesis.
Class topics: Payments and financing of international trade, foreign exchange markets, the balance of payments, capital flows, and international monetary arrangements.