Dukascopy Market and Economic Research

Highlights of the latest Market Research release.
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The past week had quite a few significant economic releases, but the observed indexes showed mostly short-term reactions, and their movements were largely capped by the ±0.50% lines.

One notable exception was the Greenback’s index, which ended the previous period as the worst performer and spent the first three days of the past week in a rapid recovery.

The Kiwi’s index, in turn, finished the past week with the largest loss.



After five weeks of elevated readings, median volatility values for the observed currencies pulled back to lower levels.

Thus, most of the medians ranged from 0.029% to 0.033%, with the highest value of 0.035% reported by the Yen, and the lowest readings of 0.026%-0.027% posted by the Loonie and the Euro.



The past week was largely a reversal of the previous period for the selected correlations.

Most of the combinations still included the safe-haven currencies – the Yen and the Swiss Franc, – but this time the direction of changes was opposite to those reported a week before.

Highlights of the latest Market Research release.
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The past week did not see many sharp moves from the observed indexes, but was instead notable for quite persistent trends, with three gauges breaking out of the ±1.00% range, and another two touching the levels.
The week’s main gainer was the Yen’s measure, which posted its fourth weekly growth in a row.
Meanwhile, the Loonie’s gauge became the leader in the negative area as it posted its greatest weekly loss since mid-April and pushed its YTD change to the -5.00% mark.

The past period did not see any prominent volatility peaks, yet the observed currencies still experienced moderate levels of turbulence.
The most tranquil currencies were the Loonie, the Franc, and the Euro with median volatilities of 0.027-0.028%, while the highest medians of 0.035% and 0.037% were posted by the Kiwi and the Yen.

Shifts between the past week’s correlations and the monthly readings were rather modest, with the maximum deviation between the weekly and the long-term medians standing below 0.10 points at 0.08.

Highlights of the latest Market Research release.
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The past week was notably action-packed for the observed currencies, with both sharp changes and persistent trends allowing most of the indexes move well away from the ±0.50% range.

The biggest developments were observed in the negative area, where the safe-haven Yen and Swiss Franc ended up driving their measures to the -1.50% line.

Another notably active currency was the Loonie, whose index managed to breach both the -0.50% and the +0.50% lines.



The observed currencies continued to produce relatively moderate volatility peaks, but their overall turbulence picked up to more substantial levels.

Most of the aggregated volatility measures posted the medians of 0.033-0.035%, while the Euro became the most tranquil currency with the reading of 0.031%, and the Yen reported the highest median volatility level of 0.043%.



The past period saw not only an uptick in volatility, but also some more palpable deviations between weekly and monthly correlations.

Highlights of the latest Market Research release.
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After a rather turbulent beginning of the month, the market seemed to have softened its reactions, and the observed indexes showed much smoother performance compared to the previous period.

That, however, did not translate into staleness, as the week saw half of the measures reach beyond the ±1.00% lines.



As was clearly shown by the currency indexes, the market’s turbulence pulled back from the high levels of the previous period.

Most of the observed currencies posted median volatility of 0.026-0.028%, while the Euro restated its position as the most tranquil currency with the reading of 0.025%, and the Kiwi and the Yen became the most turbulent ones with 0.032% and 0.036%.



Most of the deviations between weekly and monthly correlation distributions were the results of the weakening of the bonds between the associated currency pairs, with their correlations pulling back from elevated monthly levels.

Unsurprisingly, most of the selected combinations included pairs with the week’s most prominent movers – the Pound, the Yen, and the Loonie.

Highlights of the latest Market Research release.
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Sharp moves and rapid changes returned to the market in the past period, making the observed indexes post less impressive final results, but allowing six of the eight measure to break out of the ±0.50% range.

The week’s most conspicuous indexes were the Loonie’s and the Pound’s measures, which dominated over their peers for most of the period.



After one relatively tranquil week, the market’s volatility returned to solid levels.

Most of the turbulence came from the Yen, the Aussie, and the Kiwi, which posted volatility medians of 0.044%, 0.040%, and 0.038%, respectively.

The most tranquil currency, in turn, was the Euro with the reading of 0.032%.



The observed pickup in volatility did nothing to affect correlations, and the past period saw only two of the selected combination shift their weekly medians more than 0.10 points away from the monthly values.

Unsurprisingly, both of the combinations that reported notable changes in the bonds contained the Canadian Dollar, which experienced several strong movements during the week.

Highlights of the latest Market Research release.
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The pre-Easter week was short on both trading days and economic releases, and activity on the market subsided to keep most of the observed indexes within the ±0.50% range.

An obvious exception was the Yen’s measure, which slid below the -1.00% line in the first day of the period and ended up posting its second-greatest weekly loss since the beginning of the year.



Unsurprisingly, the week brought moderate turbulence to the market, with most of the observed currencies reporting volatility medians around 0.030%, and most of the peaks being unrelated to any releases.

Above-average turbulence was suffered by the Aussie and the Yen, whose medians stood at 0.034% and 0.038%, respectively.



For the third period in a row the observed deviations between weekly and monthly correlations were moderate, with only two of the selected combinations reporting median shifts of over 0.10 points.

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Global trade tensions continued to shake the market in the past week, pushing the safe-haven and the commodity-related indexes out of the ±0.50% range.

The period’s main gainer was the Loonie’s measure, which posted its third consecutive weekly gain.

Meanwhile, the JPY Index posted the period’s greatest loss for the second week in a row.



With similar forces driving the market, the past week’s volatility did not differ much from the turbulence observed in the previous period.

Still, both the median and the maximum recorded levels edged down a notch, indicating slightly calmer trading conditions.



Correlations showed even lesser developments than in the previous period, with all of the selected combinations reporting below-0.10-point shifts between the weekly and the monthly medians.

Notably, thought, almost all greatest changes were observed in the instrument pairs with historically strong correlations.

Highlights of the latest Market Research release.
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Another portion of the “trade war” headlines and rapidly escalating geopolitical tensions had a strong effect on the market in the past week.

Various reports and comments made the period particularly active for the observed indexes, with the Euro’s measure being the only one to not break out of the ±0.50% range.

The week’s top gainers were the indexes for the commodity currencies and the Pound.

On the other side of the baseline, the JPY Index posted the greatest weekly loss for the third time a row.



The past period was roughly as turbulent as the two preceding ones, with its only notable characteristics being the fact that all major volatility peaks took place in the first half of the week.



The divergence between weekly and monthly correlation distributions remained small in the past week, thought, much like in the previous period, several of the selected combinations reported elevated medium-term relationship strength measures.

Notably, four out of ten selected combinations included both the Euro’s and the Yen’s pairs, indicating some strengthening in the bonds between the two currencies.

Highlights of the latest Market Research release.
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The past week was largely a reversal of the two previous periods, with former losers taking the lead and leaving the past gainers below the baseline.

The main gainer of the two previous weeks, the Loonie’s measure, suffered the period’s sharpest 10-minute fall and closed the week in the negative area for the first time after a month of positive results.



While the maximum volatility peaks reached above the 0.100% mark for the first time in a month, the median turbulence levels were subpar, as the Euro and the Greenback were the calmest majors with the readings of 0.025-0.026%, and the highest values of 0.030% posted by the Aussie and the Kiwi.



Six out of ten selected combinations reported greater-than-0.10-points shifts between the weekly and the monthly correlation medians.

Unsurprisingly, taking into account the situation observed in the currency indexes, all of those combinations reflected the relationship between the Euro, the Yen, and the Greenback.

Highlights of the latest Market Research release.
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The past week saw moderate activity among the observed indexes, with most of the gauges remaining either within or on the boundaries of the ±0.50% range.

The two prominent exceptions, the Greenback’s and the Kiwi’s indexes, reiterated the previous period’s developments, finishing the week with the greatest gain and the greatest loss, respectively.



The market’s turbulence pulled back some more compared to early April’s levels, with the highest median volatility values standing at 0.028% in the past week.

Still, the period’s highest peak reached above the 0.100% line and stood at 0.123%, marking the Pound’s tumble in response to lower-than-expected UK preliminary GDP.



Correlations, in turn, showed some truly notable developments in the past period, with eight out of ten selected combinations posting gaps greater than 0.10 points between the weekly and the monthly medians.

Additionally, almost all of the changes illustrated the Greenback’s strength as it pushed on both its risky and save-haven peers.

Highlights of the latest Market Research release.
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After a rather flat previous period, the past week saw most of the observed indexes gain some direction, allowing them to move beyond the ±0.50% range.

The USD Index was the leader throughout the week, being challenged only by the Loonie’s and the Yen’s measures and falling just 0.03 pp short of posting the greatest gain for the third time in a row.



The market’s volatility remained subdued, with the median levels ranging from 0.024% to 0.028% for most of the observed currencies.

The peaks were also rather moderate, as none of the aggregate turbulence measures reached beyond the 0.075% mark.



Much like in the previous period, the observed correlations continued to signal across-the-board strength of the US Dollar.

All of the selected combinations reflected changes in the relationships relative to both the monthly and the half-yearly distributions, and the majority of them pointed to the strengthening of the bonds.

Highlights of the latest Market Research release.
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The observed indexes continued to be active during the past week, with almost all of the measures crossing the ±0.50% marks.

The period’s leader ended up being the Loonie’s gauge, which closed the week 0.43 pp above its closest peer and posted its third weekly gain in a row.



There was a slight pickup in the market’s turbulence in the past week, as the Greenback, the Yen, the Aussie, and the Kiwi posted volatility medians of 0.031-0.032%, and three of the major peaks stood above or close to the 0.100% line.



Absolutely all of the selected correlations indicated strengthening of the bonds over the past period.

And while the Greenback’s domination over its peers subsided somewhat by the end of the week, most of the combinations continued the patterns established in the previous period.

Highlights of the latest Market Research release.
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The past period saw the observed indexes move in the same range as the week before, but the standings between the measures painted quite a different picture.

The week’s top gainer was the Swiss Franc, whose index performed poorly ever since taking the leading positions in late January, and posted its first positive monthly change in 10 weeks.



The observed turbulence measures pointed at another relatively tranquil period, as most of the median volatility values stood at 0.026-0.027%, with the Aussie, the Greenback, and the Kiwi posting slightly higher readings of 0.028%, 0.029%, and 0.030%, respectively.

Volatility peaks also pulled back in the past week, with the Loonie’s Friday reading being the only one to reach above the 0.100% line.



The period saw rather moderate deviations between the weekly and the monthly correlation medians, but some of the gauges still reflected some prominent levels of strength in the bonds between the observed currencies.

Highlights of the latest Market Research release.
Full research available here.





The past week was marked by prominent activity levels on the market, with the Greenback’s and the Kiwi’s indexes being the only observed measures that failed to break out of the ±0.50% range.

The period’s most conspicuous performer was the JPY Index, which posted its highest weekly gain since early February.



As was indicated by the developments in the currency indexes, the past week was notably turbulent.

After five periods of moderate volatility, all of the observed median turbulence measures stood above 0.030%, with the highest reading of 0.039% coming from the Yen.



The developments observed in the currency indexes during the period also translated into major shifts in the weekly correlations.

Most of the selected combinations reflected the changes in the bonds between the Euro and the safe-havens, and between the Greenback and the Swiss Franc.

Highlights of the latest Market Research release.
Full research available here.





After a rather active previous period, the past week saw most of the observed measures’ developments confined in the ±0.50% range, with the Yen’s, the Euro’s, and the Kiwi’s indexes being the only ones to show prominent breaks outside the marks.

Many of the moves on both sides of the baseline were fueled by the political turmoil in Italy.



The market’s turbulence showed further acceleration compare to the previous period’s solid levels, with the Yen’s median volatility standing at 0.049%, and the Kiwi’s measure reaching its Japanese peer’s previous reading of 0.039%.

Among the most volatile currencies was also the Euro, which posted the median of 0.038% for the first time since April 2017.



Much like the volatility measures, the correlations between the observed currencies continued to signal unusual developments on the market.

All of the selected combinations reported greater-than-0.15-points gaps between weekly and monthly medians, and only four of them were among the selected ten in the previous period.

Highlights of the latest Market Research release.
Full research available here.





Most of the market’s developments continued to be restricted by the ±0.50% lines, with this period’s exceptions being the Yen’s, the Euro’s, and the Aussie’s indexes.

For the first time this year the greatest weekly gain was posted by the Euro’s measure.



The market’s turbulence pulled back from the previous period’s elevated levels.

The observed volatility medians ranged from 0.030% for the Greenback to 0.035% for the Australian Dollar, and while the individual currency peaks were numerous, none of them reached even the 0.080% line.



None of the selected correlations showed the same extreme deviations from the long-term readings as in the two previous periods.

Notably, two of the combinations that indicated extremely strong bonds between the pairs in the previous periods returned their weekly correlation distributions to the normal historical levels.

Highlights of the latest Market Research release.
Full research available here.





During the past week the observed currency indexes remained confined within the ±0.50% line, with the Greenback’s measure being the only one to break out of the range.

The USD Index was the period’s main gainer as it updated its record weekly growth to +1.38% from +1.29% posted on April 27.



The market’s turbulence showed further cooling as four out of eight observed currencies reported the median volatility values of 0.029%.

The most volatile major was the Yen, whose volatility median stood at 0.035%.



The observed changes in the correlations also remained moderate, though notably most of the selected combinations pointed at the normalisation of the relationships between the pairs with the safe-haven currencies.

Highlights of the latest Market Research release.
Full research available here.





The past period was marked by relatively solid levels of activity, with almost all of the observed indexes breaking out of the ±0.50% range, and several of the measures showing either persistent directed moves or notable sharp changes.

The week’s gainers were the safe-havens and the Euro, with the Swiss Franc’s index taking the leading position with a 0.95% weekly growth, the Yen’s measure coming in second with a +0.61% change, and the single currency’s gauge adding 0.45% compared to the base value.



The ups and downs observed during the week translated into rises in the market’s turbulence measures, with most of the observed volatility medians standing at 0.030-0.031%, and the Yen, the Kiwi, and the Aussie reporting elevated readings of 0.037%, 0.037%, and 0.035%, respectively.

Maximum volatility values also stood on solid levels, with the two highest peaks reaching above the 0.100% line.



Unlike the currency indexes and volatility measures, correlations between the observed pairs offered few interesting developments.

The greatest deviations from the medium-term readings were observed in the combination with the Euro and the safe-havens.

Highlights of the latest Market Research release.
Full research available here.





After the relatively active previous period, the past week saw most of the observed indexes return to the ±0.50% range, but also had two prominent exceptions in both positive and negative areas.

The period’s main gainer was the Loonie’s index, which posted its first weekly growth after six consecutive weeks of negative results.



Fluctuations observed in the currency indexes kept most of the currency strength measures from posting significant weekly changes, but did serve to fuel the market’s turbulence.

Observed volatility medians ranged from 0.032% for the Euro and the Greenback to 0.035% for the Antipodeans, with the Yen reporting an extreme result of 0.041%.



Much like in the previous period, many of the selected correlations showed minor deviations between the weekly and monthly distributions, but reported notable developments compared to the long-term readings.

Also noteworthy is the fact that all of the selected combinations pointed at strengthening of the bonds between the associated currency pairs.

Highlights of the latest Market Research release.
Full research available here.





The past week proved to be another period to see many sharp moves, but little directional movements, which left most of the observed currency indexes within the ±0.50% range.

The most conspicuous exception was the GBP Index, which posted the period’s greatest weekly loss of 1.17%.

Meanwhile, the most notable gauge in the appreciation area was the NZD Index, which surged well above all of its peers after the NZ CPI release.



The week’s moves were not enough to produce much overturbulence, and the observed volatility medians ranged from 0.025% for the Euro to 0.032% for the Kiwi.

Notably, half of the period’s prominent volatility peaks were formed by the market’s reaction to the inflation and retail sales data releases.



The week saw fairly solid developments in the observed relationship measures, with eight out of ten selected correlations shifting their weekly medians 0.10 or more points away from the monthly readings.

Most of the changes occurred between the Greenback’s pairs with safe-haven and commodity-related currencies.