All the action has been in stocks this year, as any bored foreign-exchange trader will tell you. The market is usually a hub for raucous retail trading but has been largely quiescent during the meme-stock phenomenon.
Stocks are usually more volatile than currencies. But the gulf between the Cboe Volatility Index—the familiar VIX “fear gauge” thatof S&P 500 options—and the Cboe EuroCurrency Volatility Index, which does the same for euro-dollar options, is large by the standards of recent history. The same is true for volatility in other currency pairs.
Mark McCormick, head of foreign-exchange strategy at TD Securities, notes that the growth gap between different countries and the volatility of their currency pair have tended to bear some relation to each other in the past. This makes intuitive sense, given that currencies can be a barometer of economic strength. But any relationship has broken down, with the differences in growth rates between countries still extremely wide.
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