Volatility in foreign exchange markets is anchored near record lows with traders seemingly unmoved by the uncertainty that gripped global equities on jitters about US interest rate tightening. That sanguine assessment of the risks might be right - at least in Asia - according to an index of FX volatility developed by Goldman Sachs. Differences in individual sovereign macro, trade, credit and capital flows aside, the index shows that of four high-volatility periods for Asia in the past 30 years, none occurred while the Federal Reserve was actually tightening policy. A positive export outlook, large and rising global reserves and relatively low external debts provide extra cushioning - providing the Fed's rate rises are gradual.