What a difference a week makes. The FX market may have appeared to be settling down, but Switzerland’s decision to cut rates, introduce quantative easing as well as intervene and sell some CHF served as a reminder that we’re not moving back to a low-volatility environment just yet. The Fed’s decision to start buying treasuries and massively inflate US money supply had an even bigger effect. My thanks to all the banks who have sent me their excellent research, which has helped me understand what is going on and what may yet occur. The market’s gyrations have no doubt caused some sleepless nights, but overall I’m sure they will be welcomed as they highlight the need to manage FX risk effectively and the importance of having a professional workforce that can do that.