What is real underlying asset volatility or foreign currency

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Currency option traders often speak of "buying low volatility (or ‘vol') and selling high vol" rather than buying or selling the option itself. What does this mean exactly? From this perspective, what is the real underlying asset: volatility or foreign currency?

Reference no: EM13923534

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What is real underlying asset volatility or foreign currency : What does this mean exactly? From this perspective, what is the real underlying asset: volatility or foreign currency?

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