The writer is global head of G10 FX Options Trading at Goldman Sachs, and author of ‘Foreign Exchange — Practical Asset Pricing and Macroeconomic Theory’
Foreign exchange markets have this year been jolted by a sudden increase in volatility. There are many reasons for this, but at the heart of the shift is deglobalisation.
To understand why, consider first the opposite. In a hypothetical, perfectly globalised world, there would be no barriers to international trade, meaning goods could be produced in one country and transported to the other without cost or friction.
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