12 currencies · 37 supported crosses. The portfolio universe, not a list of open positions. Economic context and central-bank policy.
Federal Reserve
Federal Reserve expectations, inflation, employment and US Treasury yields. Global demand for dollar funding can matter during periods of stress.
The dollar is a major reserve and funding currency. Rate expectations relative to other economies often matter more than the policy rate in isolation.
European Central Bank
ECB policy expectations, euro-area inflation and growth, energy costs and differences in government-bond yields across the monetary union.
The euro began as an accounting currency in 1999; cash followed in 2002. One monetary policy serves several economies with different growth profiles.
Bank of England
Bank of England expectations, services inflation, wage growth, domestic demand and the fiscal outlook.
Sterling trades in a globally connected financial centre. Domestic policy surprises and shifts in international risk appetite can both influence it.
Bank of Japan
Bank of Japan policy, wage and inflation dynamics, international yield differentials and the unwinding of funding trades.
Japan’s long period of low rates made the yen important in global funding markets. Its response to risk events is not constant across market regimes.
Swiss National Bank
SNB policy, Swiss inflation, safe-haven demand and changes in European risk sentiment.
Safe-haven demand can support the franc, but monetary policy and intervention can change that relationship. Low rates alone do not determine its direction.
Reserve Bank of Australia
RBA expectations, commodity export prices, demand from trading partners including China, employment and global risk appetite.
Australia’s export mix links its currency to the terms of trade. Commodity prices, interest-rate expectations and the global cycle can pull in different directions.
Bank of Canada
Bank of Canada policy, energy prices, trade with the United States, domestic demand and employment.
Canada combines substantial commodity exports with close US trade links. Oil matters, but its relationship with the currency varies over time.
Reserve Bank of New Zealand
RBNZ expectations, agricultural export prices, trading-partner demand, domestic activity and global funding conditions.
A small, open economy can be sensitive to shifts in external demand. Export income and domestic conditions do not always move together.
Norges Bank
Norges Bank policy, domestic inflation, oil and gas prices and international interest-rate differentials.
A floating currency in a small, open economy. Energy exports matter, but stronger energy prices do not guarantee a stronger krone.
Sveriges Riksbank
Riksbank policy, inflation, domestic demand, export conditions and international risk sentiment.
Sweden retains its own currency and monetary policy. Developments abroad influence both its export economy and the exchange rate.
Monetary Authority of Singapore
MAS exchange-rate policy, imported inflation, international trade and regional economic activity.
Monetary policy centres on a trade-weighted exchange-rate band, not a single interest-rate target. S$NEER is not a published target for one bilateral currency pair.
South African Reserve Bank
SARB policy, inflation, commodity prices, global funding conditions and domestic growth and fiscal risks.
A floating emerging-market currency. Changes in global risk appetite and domestic conditions can both cause substantial swings.