Global
Global
Market Snapshot
Key foreign exchange variables, updates daily
This table provides a concise snapshot of key market variables that influence major foreign-exchange pairs. It combines recent performance indicators (% change over the last 5 days and year-to-date), technical trading levels (50-, 100-, and 200-day moving averages; pivot points), and macro-financial drivers (policy interest rates, money-market deposit rates, and government bond yields at the 2- and 10-year maturities). By showing yield differentials—spreads between US rates and those in each currency’s home market—the table highlights one of the primary forces behind currency movements: interest-rate expectations and relative return opportunities. Finally, the inclusion of implied volatility gives a quick sense of how much uncertainty or risk is priced into each currency over the near term.
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
Latest Analysis
Currencies settle in for a long winter's nap
05 December, 2025
Consolidative price action is taking place across financial markets this morning as risk appetite improves ahead of next week’s all-important Federal Reserve meeting. Benchmark ten-year Treasury yields...
Fed easing bets drive dollar lower
04 December, 2025
The dollar is cruising toward an eighth consecutive day of losses—its longest losing streak since 2020—as the Japanese yen climbs and traders double down on expectations for an aggressive easing campaign...
RBA & US Fed divergence
03 December, 2025
• US data. Weaker US ADP employment reinforced US Fed rate cut bets. US equities ticked up & the USD lost ground. AUD & NZD supported.• AU GDP. Topline growth a bit softer than anticipated in Q3,...
AU growth & US ADP employment in focus
02 December, 2025
• Positive tone. Limited news flow. Upbeat market vibes continue. US equities rose again. Cyclical currencies like the AUD & NZD ticked up further.• AU GDP. Australian Q3 growth data out today. Partial...
Santa Claws selloff abates
02 December, 2025
The slow-motion flight to safety that began on the weekend is showing signs of exhaustion in currency markets this morning, but sentiment remains fragile. Japanese government bond yields are stabilising...
Hawkish Japanese policy rhetoric destabilises currency markets
01 December, 2025
Financial markets are kicking off December in a turbulent fashion as policy tightening hints from the Bank of Japan nudge global rates higher and dull the dollar’s appeal. Ten-year Treasury yields are...
Shifting interest rate expectations
30 November, 2025
• Positive trends. Risk sentiment remained positive on Friday. US & European equities rose, as did cyclical currencies like the NZD & AUD.• AU/NZ factors. After last week’s AU CPI & signals...
Currency markets grapple with Hassett's rise as Fed chair candidate, along with UK budget chaos
26 November, 2025
Currencies are trading on a mixed footing this morning as investors pivot from expecting some Federal Reserve easing to anticipating too much. The dollar slumped, equity markets rallied, and yield curves...
RBNZ & AU CPI in focus
25 November, 2025
• Upbeat vibes. US equities rose while bond yields dipped. USD softer. Run of weak US data supported the case for another US Fed rate cut in December.• RBNZ meeting. NZD ticks up ahead of RBNZ decision....
Optimism returns as 'Fed put' comes back into play
25 November, 2025
Financial markets are back in recovery mode and Nasdaq is coming off its best day in six months as growing evidence of a “Fed put” boosts risk appetite. Index futures are pointing to further gains, Treasury...