Who killed FX volatility?

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This article is the first in a two-part series. The second part, focusing on how low volatility affects buy- and sell-side strategies, will be published later this month

In the early hours of January 3, a US missile strike killed Qasem Soleimani, shortly after the Iranian military commander had disembarked from a plane at Baghdad International Airport. Twitter lit up with comparisons to the assassination of Archduke Franz Ferdinand (which triggered World War I), while an initial wave of press

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