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
Dollar softens as US consumers slow spending growth
10 February, 2026
The dollar is weakening and yields are nudging lower after US consumer spending surprisingly flatlined in December, underpinning expectations for more monetary easing in the months ahead. According to...
Political developments roil currency markets
09 February, 2026
Treasury yields are climbing and the dollar is under pressure after Bloomberg reported that Chinese regulators have instructed the country’s commercial banks to cut their holdings of American government...
Risk Reversal
08 February, 2026
• Risk rebound. Strong recovery in US equities. USD lost ground. Backdrop pushed NZD & AUD higher. JPY still under pressure post weekend elections.• Data flow. RBA Deputy Gov speaks (Weds). US retail...
Investors cautiously step into market wreckage seeking bargains
06 February, 2026
After several sessions of violent, whiplash price action in precious metals, cryptocurrencies and high-beta technology stocks, investors are hesitantly stepping back in this morning, driving a mean-reversion...
Currency market fireworks remain subdued as traders process conflicting signals
05 February, 2026
Good morning. Foreign exchange markets are caught between conflicting forces as precious metals extend their decline and a sell-off in technology stocks shows signs of exhaustion. Gold and silver prices...
Push-pull forces
04 February, 2026
• Push-pull. A few equity market wobbles overnight. USD a bit firmer. NZD underperforms. AUD retraces its RBA rate hike induced uptick.• Macro events. ECB & BoE expected to hold rates steady tonight....
Tech washout leaves currency markets directionless
04 February, 2026
Foreign exchange markets are looking somewhat rudderless this morning after a technology-led selloff hammered the biggest US stocks yesterday and dampened global risk appetite. The dollar is extending...
Calm returns, dollar resumes its slide
03 February, 2026
Good morning. Foreign exchange markets are trading on a more stable footing as tumult in the precious metals complex eases and the White House leaves its social media accounts in a state of benign neglect....
RBA in focus
02 February, 2026
• Metal vol. Large swings in gold & silver prices. Positive US data supported the USD index. AUD held up thanks to some relative outperformance.• RBA today. On net, a RBA rate hike looks more likely...
Precious metals plunge triggers global selloff
02 February, 2026
A slow-motion flight to safety is underway across the currency markets this morning, as a bloodbath in the precious metals complex extends into a second week. Equity futures are pointing to further losses...