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It may be time to fasten the forex seat belts Add to ...

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Currency markets have been calm for an extended period, making the pursuit of international profit this year a little less volatile. Mohamed El-Erian hopes investors enjoyed the smooth ride while it lasted. The celebrated commentator suggests the way ahead could get bumpy.

“The biggest threat to investors may come from the foreign-exchange market rather than the stretched prices of equity and bond markets,” Mr. El-Erian, the former Pimco CEO who now is the chief economic adviser at German insurer and asset manager Allianz SE, wrote Wednesday in the Financial Times.

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