EM currencies are all already seeing a lift, with the South African Rand hitting 20-month highs against the USD.

We can now expect a relatively rapid reduction in interest rates for all major currencies and a period of increased volatility.

Any significant volatility will come from the ECB’s forward guidance, with big question marks over further cuts in October and December.

The odds of a 50-bps rate cut on September 18th have risen. Uncertainty is the market’s worst nightmare; whatever the decision is, we will see serious volatility.

The golden rule here is never send money to anyone you meet online, whether through a direct transfer or via a “trading” website.