The Deutsche Bank Currency Volatility Index, which measures expectations for gyrations in FX, has in recent weeks shot from a three-month low to its highest level since March, driven by gyrations in the US dollar, euro, and Japanese yen as well as a broad range of other currencies.
Increased gyrations in foreign exchange markets can provide investors with the swings they need to make money trading currencies against one another. Too much volatility, on the other hand, could force investors to pare their risk and create problems for international companies that need to convert profits back into their home currencies.
Many are also taking steps to protect their portfolios against excessive market swings, driving hedging activity in many currency pairs to its highest level in months.
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