Watching the markets spin

There has been plenty of talk of volatility in currency markets in recent months but, in reality, the major crosses have been stuck in the doldrums for the best part of two months. The yen is stuck in a trading range of ¥122 ' ¥126 against the dollar and the euro is trading in a range of $0.8400-$0.8800 against the greenback. Even sterling, which had a brief bout of the collywobbles shortly after the UK general election, has steadied to be little changed since late May.

However, there has been a