"The currency and global equity markets both show low volatility. Should we be concerned at these low volatility levels?"

David Fuller's view There are many markets within those two categories but I would probably be more concerned by evidence of high volatility indicating disagreement.

High volatility has frightened some people away from the markets in recent years and I certainly do not regard that as a positive development.

Over the years high volatility has sometimes been a useful indicator, particularly at market bottoms, in my opinion. However, there are so many indicators, often conflicting, and these can distract us from the all-important message of price. Fullermoney had long been particularly interested in consistent, rhythmic trends. They are generally the exception but you will still observe plenty of them at any time. They are a clear sign of supply / demand dominance and therefore highly profitable while they persist.