What’s happening in the currency markets? What has been particularly striking about currencies lately is how little the major players—the dollar, euro, pound, yen, and Swiss franc—have changed in value relative to one another. Why is this? We believe this is primarily due to the enormous uncertainty surrounding the direction of the war in the Middle East and the future of AI. It makes a huge difference for major economies whether oil prices rise or fall and whether expectations for AI are overly optimistic or not. Given this uncertainty...