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Global

Markets
Economics

Global

Spot Performance

Gain (+) or loss (-) against USD, year to date, %, updates daily

Represents the percentage change, along with the minimum and maximum change in the nominal exchange rate relative to the US dollar year to date.

Global

DXY-Weighted Yield Differential

Foreign-US 10-year government bond yield differentials, %

Represents the difference between the 10-year US Treasury yield and a weighted basket of 10-year yields for the Euro Area, Japan, the UK, Canada, Sweden, and Switzerland. Positive values indicate higher yields in US dollars relative to other currencies, while negative values imply the opposite.

Global

Currency Volatility

Realized 3-month historical G7 currency volatility v. implied volatility, 3-month ATM options, updates weekly

Represents realized volatility - the scale and frequency of moves over the prior three months - and implied volatility - the market’s expectations of moves over the next three months. Realized volatility is measured using the annualized standard deviation of daily returns over a three-month rolling time horizon, and implied volatility is derived from at-the-money three-month currency options.

Global

Equity Volatility

VIX Volatility Index, NSA, adjusted for breaks, updates daily

The VIX Volatility Index is a measure of the stock market's expectation of volatility based on S&P 500 index options. It does not directly measure volatility in currency markets, but large movements in global foreign exchange rates are often associated with spikes in the VIX.

Global

Speculative Positioning

Net long (+) or short (-) futures position held by large speculators, billions US dollars, updates weekly

The Commodity Futures Trading Commission's weekly Commitments of Traders report provides a breakdown of the net positions for "non-commercial" (speculative) traders in US futures markets. Market participants follow the data to identify extreme long or short positions in a currency - something that can signal a trend reversal.

Global

Turnover by Currency

"Net-Net" basis, April 2022 daily averages, billions USD

Turnover by Currency measures the USD-equivalent value of spot contracts executed on a global basis during an average trading day. Figures on a "net-net" basis are corrected for local and cross-border inter-dealer double-counting.

Global

Turnover by Instrument

"Net-Net" basis, April 2022 daily averages, billions USD

Turnover by Instrument measures the USD-equivalent value of spot transactions, outright forwards, foreign exchange and currency swaps, options non-deliverable forwards, and other contracts executed on a global basis during an average trading day. Figures on a "net-net" basis are corrected for local and cross-border inter-dealer double-counting. 

Latest Analysis

All Commentary

Latest Analysis

Tariff pen pals
09 July, 2025
• Holding on. US sends out more tariff letters. Equities unfazed with S&P500 pushing higher. Bond yields dip. USD consolidated. AUD range-bound.• RBNZ steady. RBNZ on hold. But underlying tone &...
Currency Traders Yawn As Tariff Threats Continue
09 July, 2025
Currency markets remain firmly rangebound even after President Donald Trump warned “no extensions will be granted” to his August 1 tariff date, threatened to raise levies on copper and pharmaceutical imports...
Trump's Tariff Letters Leave Markets Largely Unmoved
08 July, 2025
The dollar is losing altitude once again after Donald Trump reignited trade tensions with a fresh round of tariff threats, unsettling global markets and complicating the outlook for monetary policy. Trump...
Markets Trade Sideways As Trade Uncertainties Loom
07 July, 2025
The dollar is holding near a three-year low and measures of risk appetite are pointing to subdued trading action after the Trump administration seemingly extended its tariff deadline to August 1—reducing...
Jobs boost
03 July, 2025
• Upbeat tone. US equities, bond yields, & the USD edged up overnight. EUR eased back, as did NZD & AUD, though they remain at high levels.• US data. US jobs report a bit better than expected....
US Jobs Report Crushes Expectations, Triggering Dollar Rally
03 July, 2025
The US job creation engine accelerated last month, weakening market expectations for at least two rate cuts from the Federal Reserve in the back half of the year. According to data just released by the...
USD remains on the back foot
01 July, 2025
• Consolidation. Modest moves across most markets. USD index remains heavy with EUR pushing higher. AUD hovering near top of its range.• Macro pulse. US manufacturing ISM shows momentum still sluggish....
US dollar blues
30 June, 2025
• Pressure points. US equities hit another record high, while the USD remains under pressure. AUD has risen to the top of its multi-month range.• USD trends. USD index ~10.5% below where it started the...
US jobs in focus
29 June, 2025
• Holding on. Pockets of volatility on Friday but on net US equities & bond yields rose. EUR continues to climb. AUD drifted a little lower.• US macro. Consumer spending fell. Some signs of tariff...
Canadian Dollar Plunges As Trump Threatens To Reimpose Tariffs
27 June, 2025
The peace and quiet was nice, while it lasted. The Canadian dollar is down almost 60 basis points after President Donald Trump said he was ending all trade negotiations with the country, while threatening...

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Data and information on this website is provided “as is” and for informational purposes only. Information on the website does not bind Corpay in any way; nor is it not intended as advice, a recommendation or an offer or solicitation for the purchase or sale of any financial products. Data and other information are not warranted as to completeness or accuracy and are subject to change without notice. All charts or graphs are from publicly available sources, or our proprietary data. Nothing in this material should be construed as investment, financial, tax, legal, accounting, regulatory or other advice or as creating a fiduciary relationship. Corpay disclaims any responsibility or liability to the fullest extent permitted by applicable law, for any loss or damage arising from any reliance on our use of the data in any way. You should contact your Corpay sales representative for clarification on the range of financial instruments available in your jurisdiction. Copyright Cambridge Mercantile Corp. 2022.