We have begun to see in the past article the existing correlation between the interest rates of the market and the volatility. We try now to illustrate better this consideration asserting that usually in the moments in which there is an crescent difference between the interest rates between the nations, this has carried to a reduced volatility forex.

We see also an example practical. We consider the period between 2000 and 2007, dividendolo in two it is made. The first phase has been dominated from the fall of the interest rates all over the world, started from Alan Greenspan,

then governor of the FED, as a result of the choice to carry the interest rates of the United States towards the low, to the 1 for hundreds, and the consequent maintenance of such rates till when they have not been then raised from Very Bernanke four years more late. During this period, the volatility is come down to the levels more elevated.

During the second part of this temporal phase, once again started from a behavior of the American Fed, it has carried to an increase of the inflation. Since many emergent markets have carried to an elevation of the interest rates in order to fight the inflation during this period, the experience suggest that a period of slowing down was probable, but that it would have demanded an increase of the volatility.

All this suggests to us that the differences of widening between the interest rates would have to be united to an increase of the volatility. However this can demand much time before that the participants at the market succeed to recognize a change to the risk profile, being reconsidered the relationships of lever financial institution and the modalities of margin.

The market shocks often force the operating ones to reconsider all this that they have made till that moment, creating a strong volatility in the short period to which it follows a period of calm.