10 'grey swan' events to watch out for in 2017

In the financial markets, black swans happen. They are, by definition, an unpredictable or unforeseen event, that comes with extreme consequences, but their "close cousin, the grey swan, can be envisaged," according to Nomura Global Research.

The grey swans are "unlikely but impactful events" that "lie outside the usual base case and risk scenarios of the analyst community."

The team at Nomura has come up with 10 potential grey swan events for 2017, forgoing more widely discussed scenarios to focus on the more under-the-radar topics.

"Needless to say, none of the them are our base case," according to the FX strategy team in the report. "But we think it is better to be prepared than not."