There are several dominant patterns in bilateral US dollar exchange rates. It might be helpful to focus on these as the macro investment climate has become unhinged with the US threatening to escalate the already elevated trade tensions. Indeed, the trade tensions, which have contributed to the rise of equity market volatility, have left the currency market largely nonplussed. Three-month volatility in the euro (~6.6%), yen (~7.7%) and sterling (~7.7%) are all below the 20-day moving averages (6.9%, 8.2%, and 8.1% respectively). The same pattern holds true for the Canadian (7.4% vs. 7.6%) and Australian (8.0% and ... (full story)