Who killed FX volatility?
Beyond central bank policy, traders see a range of hidden structural factors at work
In the early hours of January 3, a US missile strike killed Qasem Soleimani, shortly after the Iranian military commander had disembarked from a plane at Baghdad International Airport. Twitter lit up with comparisons to the assassination of Archduke Franz Ferdinand (which triggered World War I), while an initial wave of press coverage sought to anticipate Iran’s retaliation and the likely US response. For a while, the world seemed to be on the brink of catastrophe.
The foreign exchange market
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