In the last year, a lot has changed in currency markets. 

The US dollar has rallied significantly, the euro has fallen towards its lowest level in more than a decade, while the Japanese yen, once the center of the currency world, hasn't done much. 

Via Citi's Steve Englander, here are 8 lessons the currency markets have taught us in the last year:

Not every currency shock is a US dollar shock. Currency shocks look bigger than they are, but are as painful as they feel.  Bouncebacks occur over time, not the day, or week, or even month after a shock.  Asset markets may be moving faster than in the past relative to economies... ...a function of low transactions liquidity in periods of stress but lots of assets looking for returns. Investors do not know how to handle incredible correlations.  Policymakers do not know how to handle incredible correlations.  Positions are often deeper than they look. 

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