One-month implied volatility on the ruble, which reflects traders’ expectations for future swings in the exchange rate, reached 33 percent on Nov. 10, almost double that of Brazil’s real, the second-most volatile among 41 major currencies tracked by Bloomberg. That’s the widest gap between the two based on Bloomberg data dating back to 2005. The ruble’s volatility gauge is close to three times higher than South Africa’s rand, which historically has had the biggest fluctuations among the world’s major currencies.
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