| Political crises and central bank action have played havoc with emerging markets currencies since the start of the year. But for many investors in the foreign exchange market, the bigger problem has been the unnatural calm prevailing in major currency pairs.
Uncertainty over the pace of the US recovery, combined with the steady policy stance of the biggest central banks, has confounded fund managers and driven volatility in developed market currencies to lows barely seen since the “great moderation” that preceded the financial crisis...............................................Full Article: Source
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