Where is everyone? Like the most popular kid in the class that does not know why he has suddenly been deserted, the foreign exchange market could be forgiven for feeling a little bit bereft right now.
The market, by far the world’s biggest by average daily volume, has had an unusually quiet start to the year: while stocks and credit markets around the world have enjoyed a strong rally, prompting speculation that investors the world over are increasingly confident of the prospects for economic recovery, the major currencies have gone nowhere.
Traders anecdotally report markedly lower volumes. FX was a darling of the pre-crisis boom and indeed most of the last four years. But has FX had its moment in the sun?
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