FX markets driven excessively by 'headline noise', says Aviva’s currency chief
The past year has been a tough one for foreign exchange investors – with a devastating earthquake in Japan in March 2011, market-moving intervention by the Swiss National Bank (SNB) in September, and ongoing concerns over the eurozone debt crisis – but the most challenging element has been the precedence that headlines have taken over fundamentals, according to a senior currency manager.
"The markets want to discount everything immediately, leading to a high degree of intraday volatility in FX
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