JPMorgan states that although the G10 currency markets have not been at the centre of the financial crisis, they will inevitably be adversely affected by the fallout. However, it argues that foreign exchange has two big advantages over other markets; substantial leverage has already been removed; and as policymakers consider increased regulation it is likely that their scrutiny will not fall on FX. That might well lead to an increase in risk-taking in FX at the expense of other assets.
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