The calm in currency markets since the late summer has been one of the stranger puzzles of the last year. Its not as though FX markets have nothing to think about - questions over both risky and riskless asset valuation have dominated thinking for the last three months. And yet volatility in most markets, but particularly in FX, is dropping like a stone and reaching multi-year lows. This week, Tim brings back Michael Metcalfe, our Global Head of Macro Strategy, and Peter Vincent, head of Trading in EMEA, to discuss why it has been so calm and what might disrupt things in the New Year.