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Foreign exchange market-makers often say they prefer more volatile markets. But last week’s wild swings pushed many to their limits, as options volatility whipsawed on news of US president Donald Trump’s shifting tariff deadlines.
“This week felt like a month,” said a senior FX options trader at one US dealer, speaking on Thursday (February 6).
For most bank traders, the chaos began on February 1 when Trump announced tariffs of 25% on all goods from Canada and Mexico, effective from February 4.
The
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