Keeping clear of euro fear

The real legacy of the eurozone sovereign debt crisis could be that few currencies end up being truly free-floating. Intervention in its many forms, be that direct or resulting from quantitative easing, is often cited as the central challenge facing – typically short-term – currency managers.

In the past year, examples of the market shocks created by the activity of central banks have come thick and fast. Authorities in Brazil, Japan and Switzerland have all surprised traders with efforts to