This study contributes to the literature by casting a wider net in, and adopting a novel approach to, examining violations of uncovered interest parity (UIP). Relative to its predecessors, the analysis presented in this paper is based on a larger number of exchange rates, a wider range of tests, and also includes a simple real-world trading experiment assessing whether strategies designed to exploit the breakdown of UIP have been profitable. The study reveals a host of intriguing results, based largely on cross exchange rates not previously examined in this context. First, forward rates of industrialized countries are unambiguously biased predictors of future spot rates, as spot rates invariably depreciate (appreciate) by less than the amount implied by the forward discount (premium). This indicates violations of UIP are ubiquitous and not simply restricted to the key currency blocks which have already been studied. Second, contrary to popular belief, the forward 'puzzle' anomaly - where high yielding currencies appreciate, not depreciate as UIP predicts - is not a pervasive phenomenon. Third, regression results and the trading experiment demonstrate that deviations from UIP are both size and time dependent. For instance, during points in time where interest differentials have been relatively large, UIP correctly predicts the sign, but not the magnitude, of exchange rate changes. More recently, the breakdown of UIP has become increasingly severe as interest differentials have converged around the world. Finally, results from the trading experiment demonstrate that in contrast to US dollar based findings presented in earlier studies, strategies exploiting the forward bias have in fact been something of a money tree - deviations from UIP have been large and consistent enough to generate impressive profits and risk-return tradeoffs for simple multi-currency trading strategies.