FX Focus - Emerging uncertainty

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Damian Glendinning, group treasurer, Lenovo

Speak to any sell-side FX trader at the moment and one message will come through loud and clear – it's a tough world out there for currency desks. G-10 volatility is so low as to be practically scraping the seabed and, as a consequence, volumes and profits are on the slide. One trader speaks proudly of a "mid-single percentage point loss" in the annual results for his business line, saying it is the best to be expected under the circumstances.

It is unsurprising then that FX desks are casting ar

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