Two economics professors (Michael Goldberg and Deniz Ozabaci) and two former PhD students (Olesia Kozlova and Peter Sullivan) have completed research which overturns a decades-old puzzle that currency markets are driven by technical trading and bubbles rather than risk and rational forecasting. Their findings convey that the puzzle is an artifact of insufficiently recognizing a key feature of asset markets:  unpredictable instability. The research is forthcoming in Critical Finance Review and titled "The Instability of the Bilson-Fama Forward Rate Anomaly".