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 2025 daily averages, share of total
Illustrates the distribution of global foreign-exchange spot market turnover by currency, highlighting the relative dominance of the most-traded units. The US dollar accounts for the largest share by a wide margin, reflecting its role as the primary vehicle and reserve currency in international transactions. The euro forms the second pillar of global trading, while the Japanese yen and pound sterling make up a meaningful but smaller portion. Commodity and regional currencies—such as the Australian, Canadian, and Swiss francs, along with select emerging-market currencies—collectively represent a modest share, underscoring the high concentration of liquidity in a handful of major currencies. 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 2025 daily averages, billions USD
Illustrates global foreign-exchange turnover by instrument type, showing how activity is distributed across the main hedging and liquidity vehicles in the currency market. Foreign-exchange swaps account for the largest share, reflecting their central role in short-term funding, balance-sheet management, and liquidity transformation among banks and institutional participants. Spot transactions represent a smaller share, capturing immediate exchange needs tied to trade, investment, and tactical positioning. Outright forwards and non-deliverable forwards illustrate the importance of hedging and synthetic exposure management, particularly for corporates and investors managing future cash flows or accessing restricted currencies. Options volumes, while more modest, signal demand for convex payoff structures and volatility management. Taken together, the chart highlights how the FX market is driven less by simple currency conversion and more by financing, hedging, and risk-transfer activities.
Latest Analysis
US job creation remains strong, supporting yields and the dollar. Canada's … doesn't.
08 May, 2026
US job creation held up and the unemployment rate held steady last month, further reinforcing market expectations for a prolonged period on the sidelines from the Federal Reserve. According to the Bureau...
Escalation in Middle East leaves volatility levels unchanged
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Good morning, and happy Friday. The dollar is heading for a second week of losses and oil prices are drifting lower after yesterday’s exchange of fire in the Strait of Hormuz failed to shift Donald...
The superpeso's next act
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Mexico’s currency has had an improbably good run. The peso appreciated 15% against the dollar last year, and has continued its run thus far in 2026, printing another 4.5% gain. Yet beneath the superpeso’s...
Markets stall amid lack of progress in Mideast negotiations
07 May, 2026
Good morning. Yesterday’s rally in global financial markets is running out of momentum as investors await evidence of tangible progress in negotiations between Washington and Tehran. Iran is reportedly...
Let's make a deal (round #5)
06 May, 2026
• Positive vibes. Markets optimistic about an end to the US/Iran conflict. Oil lower, USD softer. NZD outperforms. AUD touched a fresh multi-year high.• Twists & turns. Spillovers from the conflict...
Playing musical chairs with global trade
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American trade imbalances aren’t going away, just moving geographically
By the time Donald Trump entered the White House in 2017, faith in free trade among America’s elite had already collapsed....
Markets soar on hopes for Iran deal
06 May, 2026
The dollar is trading near its lowest levels in months, bond yields are plunging, and equity indices advancing after Axios reported that Washington and Tehran are nearing an agreement to end the war in...
RBA: Higher inflation & slower growth
05 May, 2026
The RBA continues to take few chances when it comes to the problematic domestic inflation trends with another interest rate hike announced today. This is the third consecutive meeting the RBA has tapped...
RBA hikes again. But it will come at a cost.
05 May, 2026
• Optimistic markets. Equities rose, oil dipped on positive US/Iran vibes. More volatility likely. USD softens. AUD whipped around by push/pull forces.• RBA hike. RBA announced its 3rd straight rate rise....
The US petrocurrency illusion
05 May, 2026
America produces more crude than anyone. That does not spare it—or the dollar—the consequences of an oil shock.
A comforting narrative has taken hold in Washington. The shale revolution, which transformed...