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

GBP

Market Briefing: Dollar Keeps Rising. We Don’t Know Why.

The dollar is climbing for a second day, but coherent explanations for the move are in short supply. One could argue that investors are clinging to safe havens as the prospect of a slowdown in the world’s second-largest economy darkens the outlook, but China’s peculiar growth model means it subtracts net demand from the rest of the world, and commodity-linked and growth-sensitive currencies appear to be holding ground so far. Europe is relatively quiet. The pound exhibited no discernible reaction earlier this morning on signs of cooling in the British labour market, and the euro remains under pressure on news...

Read More Read More

Market Briefing: Dollar Weakens as Risk Appetite Grows

Sometimes, sentiment in markets can defy easy explanation, requiring lots of nuance and many caveats to describe. At other times, the mood be summed up on the front of a Hallmark card. Today, it’s a 50th birthday card that says “it’s all downhill from here”. Investors remain convinced a softening economy and weaker price pressures will convince the Federal Reserve to slow rate increases – leading to a loosening in financial conditions that supports asset prices. Long-term Treasury yields are down, and the trade-weighted dollar is headed for its steepest weekly loss in at least two months. Commodity prices are...

Read More Read More

Market Briefing: A Calm Before the Storm Before the Calm Settles Over Markets

It’s quiet. Too quiet. Investors cut exposures ahead of this morning’s critically-important inflation print, leaving most major currency pairs unchanged in overnight trading. The dollar is modestly weaker, and the Treasury curve remains deeply inverted, with two-year yields exceeding their ten-year equivalents by almost 50 basis points – the most since 2000, and a sign that investors expect the economy to fall into a recession. Markets expect inflation pressures to subside somewhat, with the headline measure rising 8.7 percent year-over-year in July, down from 9.1 percent in June. The core measure is seen rising to 6.1 percent from 5.9 percent...

Read More Read More

Market Briefing: Markets Hit Snooze Ahead of Non-Farm Payrolls

Traders have set their alarm clocks a little later this morning, with most asset classes set to snore loudly until 8:30 am when the July non-farm payrolls report is released. Equity indices are flat on their backs, the commodities complex is sleeping in the fetal position, Treasury yields and the dollar are nestled under the covers, and most major currency pairs are spooning comfortably. This morning’s jobs number could be vital in setting near-term market direction. Investors expect the July non-farm payrolls report to function a little like Goldilocks’ porridge: If it is too hot, with more than 300,000 jobs...

Read More Read More

Market Briefing: Currency Volatility Subsides as Liquidity Conditions Erode

Currency markets are caught in the August doldrums this morning, with most major exchange rate pairs stuck in windless ranges as traders head out on summer vacations. Yields are flat and the dollar is moving almost imperceptibly as hawkish Federal Reserve officials engage in a tug of war with fearful investors, and risk-sensitive currencies are largely becalmed. Falling US gasoline demand is weighing on global crude benchmarks. Data released by the Energy Information Administration yesterday showed the four-week average of gasoline consumption had fallen 1 million barrels below pre-Covid levels for this time of year. West Texas Intermediate is trading...

Read More Read More