Markets

The International Role of the U.S. Dollar – 2025 Edition

Carol Bertaut, Bastian von Beschwitz, and Stephanie Curcuru, Economists, Federal Reserve Board

Federal Reserve Board economists review the dollar's use in official reserves, as an anchor currency, in trade invoicing, banking, debt issuance and FX trading, and weigh possible challenges to its dominance.

Stock Around the Clock: Remarks at the Roundtable on Preparations for 24-Hour Trading

Hester M. Peirce, Commissioner, US Securities and Exchange Commission

SEC Commissioner Hester Peirce opens the SEC’s roundtable on extended-hours equity trading, pointing to FX and crypto markets and posing questions on best execution, issuers and overnight sessions.

In Our Time

Kevin Warsh, Chairman, Federal Reserve Board

At the Kansas City Fed's Jackson Hole symposium, Fed Chairman Kevin Warsh discusses AI and the economy, forward guidance, the principles he believes should guide monetary policy and his view of the US economy.

Inside the FX market: what the BIS Triennial Survey tells us

Every three years, central banks count the world's currency trading. The 2025 survey found a market of roughly $9.5 trillion a day, still dominated by the dollar, by London and by FX swaps.

What moves gold prices: the drivers behind XAU/USD

Real yields, the dollar, central-bank buying, risk sentiment and ETF flows all pull on gold. The balance between them has shifted in recent years, and understanding that shift matters more than any single forecast.

Swap rates and overnight financing, explained

Hold a leveraged FX position past the daily cut-off and you pay or receive financing. Here is how swaps are built, why Wednesday often costs three times as much, and what swap-free accounts really charge.

FX trading sessions: how liquidity moves around the clock

The currency market never formally opens or closes on weekdays, but liquidity follows the sun from Sydney to New York. Knowing the rhythm explains why spreads behave the way they do.