So far in 2014, volatility across the four major currency pairs – euro/dollar, yen/dollar, sterling/dollar and Swiss franc/dollar – has remained stubbornly within a 60 basis points range, according to financial news website Investing.com, an insignificant figure compared with the 1000 and 2000 basis point moves of the past.
In recent weeks, there have been signs that this might be about to change amid diverging interest rate expectations in the US and Europe. But global volatility levels of 7.5%, according to JPMorgan, remain well below the 10.4% average of the past decade.