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
Volatility subsides as event risks fade
19 December, 2025
‘Tis the calm before year-end, when all through the street,Not a currency is stirring—even the yen is tucked in its seat.Dollar short positions are hung by low vols with care,In hopes that Fed easing soon...
Surprise deceleration in inflation pressures dollar
18 December, 2025
Underlying consumer price growth slowed dramatically in the US last month, helping support expectations for a more aggressive easing campaign from the Federal Reserve in the new year. According to data...
Dollar advances in line with firming yields
17 December, 2025
The dollar is edging higher against most major peers as yields firm in the wake of yesterday’s heavy US data slate. Ten-year Treasury rates have nudged up, equity futures are coming under mild pressure...
US labour market signals
16 December, 2025
• Mixed signals. US data crosscurrents resulted in modest net market moves overnight. US equities consolidated. Oil prices fell. AUD lost a bit of ground.• US data. Core retail sales stronger, but PMIs...
Mixed payrolls report knocks dollar lower
16 December, 2025
US labour markets continued to cool in October and November, slightly raising market bets on a stepped-up easing campaign from the Federal Reserve next year. According to delayed data just released by...
Price action slows as traders brace for dangerous week
15 December, 2025
Currency markets are trading cautiously as participants prepare to close the books on 2025, with many cutting exposure ahead of a week laden with economic data and central bank event risks. The dollar...
Data flow picks up this week
14 December, 2025
• Equity wobbles. Fresh valuation concerns weighed on US equities on Friday. AUD & NZD lost a bit of ground, but still rose over the past week.• Event Radar. NZ GDP is out (Thurs). US jobs data, retail...
Dollar holds post-Fed losses
11 December, 2025
The dollar is back on the defensive this morning as markets absorb yesterday’s unexpectedly-neutral Federal Reserve rate cut as well as a stumble in the overheated US tech complex ahead of next week’s...
Hold the line
10 December, 2025
• US Fed. Another US rate cut announced. But guidance wasn’t as ‘hawkish’ as feared. Positive for sentiment. USD weaker. AUD close to year-to-date peak.• AU jobs. Australian employment...
Federal Reserve cuts rates, telegraphs January pause
10 December, 2025
The Federal Reserve cut rates for a third consecutive time this afternoon, and opened the door to a January pause amid growing uncertainty on the economy’s underlying trajectory.
In the widely-expected...