Emerging currencies may be facing calm before the storm

London

EMERGING-MARKET currencies have become a relative sea of calm amid Greece's debt crisis and China's collapsing stock prices, marking a level of complacency that strategists say is destined to end badly.

JPMorgan Chase & Co indexes show that volatility in the exchange rates of developing economies fell below price swings for the Group of Seven currencies last week by the most since 2013. It is usually the other way around in turbulent times.