At the beginning of the year, all a foreign exchange trader had to do to plan his activity was to look at a calendar. Whether it was the more than 60 national elections that took place across the world or the various central bank policy meetings, traders knew when there was going to be volatility.

Traders though are comparatively flying blind in 2025. Instead of managing event risk and predictable data releases, they may have to get used to much more frequent pockets of short-term volatility from