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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

Markets Open On A Somewhat-Downbeat Footing
06 May, 2025
The dollar is retreating and North American equity futures are setting up for a second day of losses after a series of downbeat earnings outlooks from economic bellwethers like Ford and Palantir cast doubt...
Powering ahead
04 May, 2025
• Positive vibes. Upbeat sentiment on Friday. Reports bolstered expectations about US/China trade war de-escalation. Solid US jobs data also helped.• Market trends. US equities recorded 9th straight gain....
US payrolls in focus
01 May, 2025
• US trends. US equities rose, as did bond yields & the USD. US ISM better than expected. Reports about potential US/China trade talks also helpful.• Macro news. Dovish tilt from BoJ weighed on JPY....
Risk-Sensitive Asset Prices Climb As Yields Fall
01 May, 2025
Markets are rallying this morning on optimism surrounding the prospect of more easing from the Federal Reserve as well as the growing likelihood of trade “deals” between the United States and its partners....
US economic tariff pain
30 April, 2025
• Holding on. Some volatility but net changes in US equities & bond yields were modest overnight. USD index a bit firmer but AUD holds its ground.• US GDP. A large jump in imports ahead of tariffs...
Risk Appetite Falls As Stagflation Risks Stalk US Economy
30 April, 2025
A six-day improvement in risk appetite appears to be stalling out across the financial markets this morning, bolstering a “mean-reversion”* trade that has seen the dollar creep higher against most of its...
Tariff impacts starting to show
29 April, 2025
• US support. More tariff headlines. Sentiment improved with US equities & the USD rising. Bond yields declined. AUD & NZD slipped back.• AU inflation. Q1 CPI out today. Expected to show a further...
Easing Trade Tensions Support Dollar, Loonie Languishes on Still-Unknown Election Result
29 April, 2025
Market sentiment is holding firm this morning as earnings reports come in, the cadence of data releases increases, and trade tensions show further signs of easing. Treasury yields are holding steady, S&P...
Canadian Dollar Slides as Projections Show Carney’s Liberals Missing Majority
28 April, 2025
Mark Carney emerged victorious in this evening’s Canadian election – reflecting voter confidence in the Prime Minister’s technocratic background and his commitment to defending the country’s economic sovereignty...
Tariff uncertainty lingers
28 April, 2025
• He said, Xi Said. Confusion about whether US/China are in tariff talks. US equities consolidated overnight, while US yields & USD lost ground.• AUD rebound. AUD bounced back strongly the past few...

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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.