The biggest threat to investors may come from the foreign exchange market rather than directly from the stretched prices of equity and bond markets. Judging by recent policy and technical signals, the forex market may be about to exit an unusual phase of low volatility.
投资者的最大威胁可能来自外汇市场，而非直接来自股票和债券市场的价格过高。从最近的政策和技术信号来判断，外汇市场低波动性的异常时期可能即将结束。
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