Morgan Stanley on the changing drivers for currency markets, via a look at what has been driving the euro
Currency markets are fast moving, making it difficult to keep
track of what is driving exchange rates. Even over just the
past year there have been many regime shifts. We have seen
currencies driven by the rapid fall in oil prices, falling Bund
yields as well as a rapid rise in bond and equity volatility this
year.
The graphs MS are referring to: