This week’s podcast sees Colin Lambert and Galen Stops respond to listener feedback from recent episodes before turning their attention to events in the FX market last week – and the return of volatility.

With the trade war and central bank surprises suddenly kicking FX markets into life Lambert is intrigued to see if the volatility continues, believing it will be very instructive regarding the modern market structure if it doesn’t. He also, true to form, is mystified why it has taken the markets so long to wake up to events that have been bubbling along for months and, equally unsurprisingly, he has a theory about why that may be the case.

Stops continues by mentioning a case study he had just received that seems to suggest that the safe-haven play in current conditions is bitcoin. Lambert though, is not having any of it – after all he asks, what value is there in a safe haven play that costs you 20% to exit?