So far this year, trading conditions on currency markets have been relatively steady, with the euro, dollar and sterling all operating in quite narrow ranges. This is in marked contrast to periods of heightened volatility seen across other asset classes. The sharp (albeit short-lived) equity market rout of early August, the spike in sovereign bond yields amid the French elections, and the rapid hardening of rate expectations in Q1, followed by the more recent softening over the past month, all serve as examples of volatility seen elsewhere on markets. Furthermore, given the fraught geo-political backdrop, and the vast number of elections taking place globally this year, it is somewhat surprising that currency markets have not been more volatile. This may not persist, however, as central banks plot a path for further rate cuts in the coming months.