No, it’s not just you. The market is awfully quiet lately.
JPMorgan’s G7 FX volatility index fell to 6.63% today, the lowest since June 2007 when it hit a record 5.73%.
JPMorgan G7 FX volatility index
For me, the driver is the amount of central banks that are stuck in neutral. Policy and the Fed is on auto-pilot at least until Yellen & Co begin considering raising rates around this time next year. The BOJ is in no hurry to print, the ECB is reluctant to cut and the BOC has been on the sidelines forever.
The antipodeans offer some moves and continued to do so with the RBNZ likely to hike rates at this time tomorrow.
