I bemoaned the market a couple or a few months back as lacking volatility which to me was a sign that something was up. Of course it was the northern hemisphere summer but complacency was everywhere and strong. So the moves that we are seeing now are entirely in keeping with my hypothesis at the time that something had to give. A warning though perhaps something else is up as well – particularly hear at home in Australia – option protection on downside moves seems a must to me. Anyway overnight on currency markets, the Aussie dollar was absolutely slammed overnight. China’s Finance Minister built on the poor ... (full story)