Search
Close this search box.

Explore the world.

Assess underlying market conditions and fundamentals in the world's major economies.

World

Stay ahead.

Follow the biggest stories in markets and economics in real time.

Subscribe

Get insight into the latest trends and developments in global currency markets with breaking news updates and research reports delivered right to your inbox.

After signing up, you will receive regular newsletters from Corpay, and may unsubscribe at any time. View Corpay’s Privacy Policy

Exhibit 1

Currency markets are still unwinding last year's excesses.

Change in exchange rate relative to January 02, 2022, %

Exhibit 2

Japanese inflation rates remain elevated, but are heading for a rollover.

Annual change in core inflation rate, %

Exhibit 3

Rate expectations remain deeply divergent.

Implied change in policy rate relative to April 24, 2023, %

Exhibit 4

The economy's momentum hasn't slowed.

Subcomponent contributions to forecasted growth aggregate, %

Exhibit 5

Wage growth is still running hot.

3-month average of median wage growth, %

Exhibit 6

But credit growth is slowing.

Deposits, Consumer Loans, Commercial and Industrial Loans, and Other Loans and Leases, All Commercial Banks, Billions USD

Exhibit 7

Jobless claims are ticking higher.

Initial unemployment claims, thousands

Exhibit X

Another debt ceiling panic is approaching.

Statutory debt ceiling (gaps where suspended) versus total debt outstanding, trillions USD

Exhibit 8

But fear indicators look overblown.

Five-year credit default swap prices, December 15, 2007 - April 21, 2023

Market Retreat Continues as Yields Climb
Hawkish Kashkari Comments Pour Cold Water on Markets
Market Momentum Fades After US Long Weekend
No news is good news
Dollar Cruises Toward Weekly Gain on Fading Easing Expectations
Twists & turns