Low and stable currency market volatility is feeding interest in yield-seeking strategies to a degree not seen in years. How long can the good times last and carry remain king? This week, we put the current period of low FX volatility into historic market context and note any early warning signs of a change in fortunes for strategies that sell volatility and earn yield. Fred Goodwin makes a cameo contribution, to offer a final, cautionary note on the specific dynamics in emerging markets.

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