Currency movements among the major central banks involved in ZIRP (zero interest rate policies) may dominate market attention as we move beyond (or resolve eventually) the US fiscal cliff debate. The issue is that exchange rate movements among the ZIRP currencies of the US Dollar, Euro, Japanese Yen, and British Pound can be highly challenging given that they are all effectively running the same rate policies, but from a different economic growth and fiscal policy context. Except — the fiscal policies are all defined by having too much debt — which means that future currency movements may often be more…