Daily ranges get smaller - why?

Few years ago there was 3-4 trillion traded in FX market per day.
Daily ranges were huge compared to them now and now it´s over 5 trillion dollar market.

EURUSD has moved ab 1000 pips in this year - damn yo-yo, don´t even want to talk ab this week range, 100 + some pips.
Noticed the graph on someother thread:



Can you tell me why there is less pips avilable on daily bases?
For me it becomes harder and harder to trade, tech works much better on moving markets.

2008 - 2011 the global financial crisis was getting under way, widespread fear and uncertainty caused great volatility as investors scrambled en masse to secure their capital. Every time people decided the GFC was over they would invest again, only to panic again as it intensified. Every time people move large amounts of money into or out of stocks, bonds, commodities etc. it affects currencies.

Before 2008 daily ranges were actually quite similar to what they are now (with the obvious exception of yen pairs late 1990s), they just tended to trend cleaner over longer periods of time. Now that interest rates are all extremely low, and all within 3% of each other, there are no great shifts in relative value like there was in the 1980's.

The spot market is 2 046 bn (according to BIS). As numbnuts noted interest rates for the major economies are close to zero and for now are not expected to change. The same was in 2006 although the market was much more tradable. Large part of the EUR/USD uptrend to 1.60 was due to ACBs reserve management and SWF buying. No reserves of the ACBs are not growing fast as well as the funds managed by SWFs. HFTs are much more active and they add to the market noise. This is making the FX markets less predictable and that is scaring the big money away. Because of the lack of the trend I suppose that some of the large market players are using options strategies. They actively manage their risk and this is decreasing the volatility further. The only hope that I see on the horizon is FED to start to withdraw liquidity. However this probably will no happen so keeping in mind that Bernanke will be replaced by Janet Yellen. Trading is much difficult now for most people, but if you have the right knowledge it could be easier.

You can find the BIS Triennial Report here, http://www.bis.org/press/p130905.htm