As biggest hedge funds stumble, one currency manager gains 21 percent by betting on volatility.

GDPNow model from Atlanta Fed helps dollar bulls justify money-losing trades.

GDPNow model from Atlanta Fed helps dollar bulls justify money-losing trades.

U.S. dollar rises as unemployment falls and ECB President Mario Draghi emphasizes divergence between U.S. and Eurozone monetary policy.

U.S. dollar rises as unemployment falls and ECB President Mario Draghi emphasizes divergence between U.S. and Eurozone monetary policy.

ECBs move suggests volatility will remain low, a situation that supports carry trades.

ECBs move suggests volatility will remain low, a situation that supports carry trades.

JPMorgan Chase index shows volatility among G-7 currencies at 6.63 percent, vs. 27 percent in October 2008.