Global
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
Positive Jobs Reports Bolster Risk Appetite
07 February, 2025
The US job creation engine slowed in January, but revisions to November and December numbers illustrated continued strength in labour markets, helping keep the Federal Reserve firmly sidelined. According...
US jobs report in focus
06 February, 2025
• Holding pattern. Modest moves in most markets overnight. JPY’s upswing extends. AUD range bound just above its 1-month average.• UK rates. BoE cut interest rates by 25bps. 2 members voted for a...
Markets Stabilise as Policy Risks Recede
06 February, 2025
Financial markets are overcoming post-traumatic stress syndrome three days after Donald Trump started—and then temporarily paused—a potentially-catastrophic trade war with Canada and Mexico. Benchmark...
No new tariff news is good news
05 February, 2025
• Market swings. US equities ticked up while bond yields fell. This weighed on the USD. AUD & NZD continue to recover lost ground.• Data flow. US ADP employment improved but the services ISM declined....
Will the rebound in sentiment last?
04 February, 2025
• Positive vibes. Yesterday’s news tariffs on Mexico & Canada have been delayed boosted risk sentiment & weighed on the USD. But will it last?• Tariff risks. China announced countermeasures....
Regularly-Scheduled Programming Resumes
04 February, 2025
A sense of normalcy is returning to financial markets this morning after Donald Trump backed off threats against Canada and Mexico, granting the countries a 30-day reprieve from his proposed 25-percent...
Headline driven markets
03 February, 2025
• Tariff news. Tariff-related risk aversion & the stronger USD unwound overnight. News tariffs on Mexico & Canada will be delayed boosted sentiment.• FX swings. After falling sharply AUD &...
Shots fired in the trade war
02 February, 2025
• Tariff news. US announced tariffs against Canada, Mexico, & China. This had been in the pipeline for a while. Canada also unveiled retaliatory action.• USD stronger. The news has boosted the USD...
Canada and Mexico Launch Retaliatory Measures Against US
01 February, 2025
In a response that could add momentum to an escalatory cycle, Prime Minister Justin Trudeau this evening said “Canada will be responding to the US trade action with 25 percent tariffs on $155 billion dollars...
Trump Imposes Sweeping Tariffs on Canada and Mexico, Threatening to Ignite Global Trade War
01 February, 2025
Ending—and beginning—weeks of speculation, President Donald Trump has delivered details of his tariff plan to officials in Ottawa and Mexico City, raising taxes on most imports from Canada and Mexico to...