Chris Turner at ING observes that EUR/USD realised volatility continues to decline, with one-year volatility matching lows from November 2024. He argues this calm backdrop is unlikely to change before mid-September, and warns that underhedged European investors in US assets may need to raise Dollar hedge ratios if the Dollar weakens. Calm trading and hedge ratio risks"EUR/USD realised volatility continues to sink and one-year is now at 5.8% – matching the low from November 2024. "We published an article yesterday looking at the dollar hedge ratios of European investors. The risk here is that European investors in the US are once again underhedged and have to quickly raise their dollar hedge ratios should the dollar look vulnerable again."