Volatility is here to stay in FX as the currency war engages

john-hardy

Volatility is back in foreign exchange, and it is here to stay. The investment world has had a 'eureka moment' – in an environment of fiat currencies backed by nothing, and with weak demand, the winner is the country that devalues its currency the most. With the advent of Japan's Liberal Democratic government in December, the global currency wars were engaged.

After the spectacular moves of late 2008, currency market volatility slowly reverted to more normal ranges, with the occasional hiccup

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