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G10 and EM · 11 Nov 2026

Built 11 Nov 12:10 UTC · daily closes to 11 Nov · day ahead runs from 12 Nov 07:00 UTC

spot close11 Novrates read10 Novpolicy read05 AugCOT report03 Novforwards read01 Sepcomposite built11 Novfactors7/7 live

The dollar gained against 9 of the 9 developed-market currencies we track (crosses such as EURJPY carry no dollar leg and are excluded). The largest move was in USDNOK, +1.45%, leaving the NOK weaker against the dollar. Realised volatility is middling by the majors' own standards: half of them sit below the 68th percentile of their past year, and half above. The next scheduled risk is GBP GDP m/m at Thu 07:00 UTC.

USDCHF +1.21%, 2.6σ of its 20D RV — the session's largest risk-adjusted move.
The Δ2Y differential explains little of the cross-section (R² 0.14, n 8, 09 Nov–10 Nov). NZDUSD is the widest Δ-model residual at 1.03pp — a different quantity from the fair-value residual z in the levels table.
1 book beyond 2σ: BRL +3.45; BRL extended its long by 3.66σ on the week.
Dec-2026 (09 Dec) priced 0% hold / 100% hike, implied 4.185%.

The overnight and the dollarlive rates and vol →

Over the last 2026-11-10; 24h change · 69h spark; 24h change · 72h spark, Brent +2.10% and VIX -9.54% bracket the tape; US 5Y +14bp.

Δspot vs Δ2Y differential · 09 Nov–10 Nov — not this session · 09 Nov–10 Nov; the rate legs publish after the spot close, so this is the most recent window in which the differential actually moved — not 11 Nov.

Cross-asset returns, 2026-11-10; 24h change · 69h spark; 24h change · 72h spark · Rolling 24h off hourly bars — not the close-to-close window of the levels table below.

US Treasury yields, 2026-11-10; 24h change · 69h spark; 24h change · 72h spark

DM levels and risk

Move / σ = session move over the pair's own 20D RV, de-annualised. FV gap and FV residual z are the fair-value model's, on the level of the 2Y differential — not the Δ-model residual named in the bullets above, which is a different quantity and ranks different pairs. Crosses are derived from their USD legs, so the triangle closes.
Pair	Spot	1d %	Move / σ	20D RV	RV %ile	FV gap	FV resid z	2Y diff
EURUSD	1.1138	-0.75%	-2.17σ	5.48	72	-3.3%	-2.38	-1.48
GBPUSD	1.3310	-0.98%	-2.45σ	6.38	62	-1.4%	-1.05	+0.33
USDJPY	159.13	+0.73%	+1.82σ	6.34	41	-1.1%	-0.66	+2.77
USDCHF	0.8295	+1.21%	+2.59σ	7.42	68	+1.8%	+0.57	+4.32
AUDUSD	0.6865	-0.81%	-1.49σ	8.68	69	+2.0%	+0.19	+0.33
NZDUSD	0.5588	-0.84%	-1.53σ	8.72	58	-1.8%	-0.54	-0.76
USDCAD	1.4231	+0.79%	+2.37σ	5.30	92	+1.8%	+1.54	+1.31
USDNOK	9.5372	+1.45%	+2.21σ	10.40	83	—	—	—
USDSEK	9.9223	+1.26%	+2.39σ	8.37	58	—	—	—
EURJPY	177.25	-0.03%	-0.07σ	6.32	60	-4.4%	-2.10	+1.30

Overnight headlinesthe live macro news feed →

25 items scanned; times UTC. Currency tags are the legs each headline names.
UTC	Headline	Touches
07:31	What are the main events for today?
07:00	Germany October inflation slows, but winter energy risks keep ECB rate hike bets alive	EUR
06:07	Heads up: US bond market closed for Veterans Day as stocks face a hot CPI hangover
04:31	investingLive Asia-Pacific market news: KOSDAQ jumps nearly 5% as AI rebounds, oil firms
00:46	Australian investor home lending plunges 32% in Q3 as tax curbs and RBA hikes bite harder	AUD
23:05	Reuters Tankan: Japan manufacturer mood hits +27, highest in over five years on chips	JPY
21:33	investingLive Americas FX news wrap 10 Nov: It’s a Wrap. Hot US CPI puts a bigger Fed hike in play	USD
18:07	U.S. Treasury sells $42 billion of 10 year notes at a high yield of 5.02%	USD

Policy and rateslive curves and fair value →

+76bp priced between now and 28 Jul.

Fed funds, implied path

Developed markets

Ccy	Policy rate	Set on	Last move	Central bank
USD	4.00%	17 Sep 26	+25bp	Federal Reserve
EUR	2.50%	10 Sep 26	+25bp	ECB
GBP	3.75%	18 Dec 25	-25bp	Bank of England
JPY	1.25%	18 Sep 26	+25bp	BoJ
CHF	0.00%	20 Jun 25	-25bp	SNB
AUD	4.60%	30 Sep 26	+25bp	RBA
NZD	2.75%	03 Sep 26	+25bp	RBNZ
CAD	2.50%	29 Oct 26	+25bp	Bank of Canada
NOK	4.50%	25 Sep 26	+25bp	Norges Bank
SEK	1.75%	01 Oct 25	-25bp	Riksbank

Emerging markets

Ccy	Policy rate	Set on	Last move	Central bank
CNY	3.00%	—	—	PBoC
BRL	13.75%	17 Sep 26	-25bp	BCB (Brazil)
MXN	6.50%	08 May 26	-25bp	Banxico
ZAR	7.25%	25 Sep 26	+25bp	SARB
TRY	36.00%	23 Oct 26	-100bp	CBRT (Turkey)
INR	5.25%	05 Dec 25	-25bp	RBI (India)
PLN	3.75%	05 Mar 26	-25bp	NBP (Poland)
HUF	5.50%	26 Aug 26	-25bp	NBH (Hungary)
CZK	3.75%	19 Jun 26	+25bp	CNB (Czech)

"Set on" is the date the current rate took effect, not the date we last read the series — several of these have stood unchanged for months. USD is the target-range upper bound.

What the front end is pricing · effective 3.88%

Fed funds futures. Cum bp and hikes are cumulative versus the current effective rate; this-mtg and the three probabilities are per-meeting, conditional on reaching it. * = no traded contract that month; rate carried forward.
Meeting	Date	Implied	Cum bp	Hikes	This mtg	Cut	Hold	Hike
Dec-2026	09 Dec	4.185%	+30bp	1.22	+30.5bp	0%	0%	100%
Jan-2027	27 Jan	4.325%	+44bp	1.78	+14.0bp	0%	44%	56%
Mar-2027	17 Mar	4.495%	+62bp	2.46	+17.0bp	0%	32%	68%
Apr-2027	28 Apr	4.555%	+68bp	2.70	+6.0bp	0%	76%	24%
Jun-2027	09 Jun	4.630%	+75bp	3.00	+7.5bp	0%	70%	30%
Jul-2027	28 Jul	4.645%	+76bp	3.06	+1.5bp	0%	94%	6%

3M hedge, CIP-implied · sorted by forward premium (quote − base), most negative first

CIP-implied from each leg's benchmark and the spot close; excludes the cross-currency basis and is not a dealable quote. Sign convention: the column is (forward / spot - 1) annualised = quote rate - base rate. Positive means the quote currency carries the higher short rate, so a holder of the base hedging into the quote earns it and a holder of the quote hedging into the base pays it. Which of those two readers you are decides whether a row is a cost or a pickup; the number does not change. Only USD, EUR and GBP have daily short-rate benchmarks; the other legs come from a monthly series and carry its lag, shown per row and flagged amber past 45 days. Rows whose oldest leg exceeds 95 days are not shown at all. * = tenor beyond the benchmark it is priced off.
Pair	Spot	3M forward	Points	Fwd prem. p.a.	Legs as of
USDCHF	0.8295	0.8210	-84.2	-4.060%	01 Sep
USDJPY*	159.13	158.02	-111.5	-2.804%	09 Nov
USDSEK	9.9223	9.8703	-520.1	-2.097%	01 Sep
USDCAD	1.4231	1.4170	-61.0	-1.715%	01 Sep
AUDUSD*	0.6865	0.6856	-9.2	-0.534%	29 Oct
GBPUSD*	1.3310	1.3312	+2.5	+0.075%	09 Nov
USDNOK	9.5372	9.5547	+174.7	+0.733%	01 Sep
NZDUSD	0.5588	0.5601	+12.9	+0.923%	01 Sep
EURUSD*	1.1138	1.1183	+44.8	+1.608%	09 Nov

Volatility, positioning and EMlive vol and positioning →

CFTC as of 03 Nov 2026.

20D RV, 1y percentile

Realized vol term structure · annualised %; 5D above 1Y = the move is recent

Δpositioning vs Δprice · CFTC week vs latest session

Net spec positioning, 52w (z)

CFTC non-commercial net, z on trailing 52w. Δz holds the mean and sd fixed across both weeks. Excluded: USD (basket contract).
Ccy	Net spec	z	Δz 1w	Side
EUR	-78,559	-1.85σ	-0.18	short
CHF	-16,845	-1.78σ	+0.11	short
CAD	-86,302	-1.09σ	+0.51	short
NZD	-23,154	-0.79σ	-0.06	short
GBP	26,663	+0.10σ	+0.77	long
AUD	50,106	+0.39σ	+0.08	long
MXN	71,381	+1.06σ	+0.28	long
ZAR	6,317	+1.44σ	+0.43	long
JPY	-14,817	+1.57σ	-0.01	short
BRL	38,613	+3.45σ	+3.66	long

EM levels and risk

Pairs with no daily-close coverage are in the omissions, not carried as blank rows. Move / σ is not shown for USDTRY: realized volatility below 2% annualised means the rate is managed, so a move in its own sigma is an artefact rather than a signal. The rate-model columns are omitted here: none of these pairs has a sovereign-yield source in our chain, so there is no fair value or 2Y differential to show.
Pair	Spot	1d %	Move / σ	20D RV	RV %ile
USDMXN	18.6030	+0.38%	+0.49σ	12.29	88
USDBRL	5.5750	+1.21%	+0.63σ	30.23	97
USDZAR	16.5508	+1.03%	+1.82σ	9.02	40
USDTRY	50.23	+0.03%	—	1.37	49
USDPLN	3.9540	+1.21%	+2.25σ	8.51	77
USDINR	93.68	-0.28%	-0.95σ	4.77	12
USDIDR	18,140.00	+0.45%	+0.38σ	18.99	99
USDCNY	6.6591	-0.20%	-1.56σ	2.07	69
USDHUF	327.98	+1.71%	+2.90σ	9.37	37
USDCZK	21.89	+0.99%	+2.40σ	6.51	73

Directional bias — the quantamental modelthe live directional model →

The model is most constructive on NOK (+2.78) and least on NZD (-0.67), scored across 7 of 7 factors. This is a medium-term directional bias, not a trade recommendation and not a target.

Model bias by currency — long the top, short the bottom

Factor scores by currency · z-scores; blank = factor unavailable for that currency

7/7 factors live · minimum 2 for a score · 10-currency universe · 3 currencies scored on a partial factor set

The day ahead

High/medium impact, next 30h, UTC. 29 events at all impact levels in window.
When	Ccy	Release	Cons.	Prev.	Impact
Thu 07:00	GBP	GDP m/m	0.0%	0.1%	HIGH
Thu 07:00	GBP	Prelim GDP q/q	0.7%	0.5%	MEDI
Thu 13:30	USD	Unemployment Claims	194K	189K	MEDI

Expected session range from 20-day realised vol, ±1σ

One standard deviation for a single session, derived from each pair's own 20-day realised volatility de-annualised to one day. It is a volatility band, not a forecast, and it is not yet scored — no track record is claimed until the ledger has run.
Pair	Spot	Low	High
EURUSD	1.1138	1.1100	1.1177
GBPUSD	1.3310	1.3256	1.3363
USDJPY	159.13	158.50	159.77
USDCHF	0.8295	0.8256	0.8333
AUDUSD	0.6865	0.6827	0.6902
NZDUSD	0.5588	0.5557	0.5619
USDCAD	1.4231	1.4183	1.4278
USDNOK	9.5372	9.4747	9.5997
USDSEK	9.9223	9.8700	9.9746
EURJPY	177.25	176.54	177.95

Omitted from this issue

policy_ccy — no in-budget policy rate: IDR

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