Certain exogenous factors, such as the moderation in emerging market economies growth rates, weaker external demand and lower commodity prices have certainly contributed to the more pedestrian growth outcomes. The unprecedented extent of unconventional monetary policy adopted by the advanced economies and the subsequent commencement by the US on the path towards monetary policy normalisation has led to significant spill-over effects.
This is as a result of the extent of global trade and the integration of financial markets and has contributed to the high levels of volatility seen in the foreign exchange markets.