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Currencies & Markets
Yield Spreads & G10 FX Divergence: Macro Dynamics in Regime Transition
How shifting rate differentials and central bank policy move the major currency pairs — and what that means for systematic positions.
- Date
- 10 February 2026
- Author
- Macro Strategy Group
- Read time
- 4 min
Drivers
Rate differentials between reserve currencies are among the most persistent drivers in the foreign exchange market.
Regimes
When the monetary policy backdrop shifts, those differentials move and relative valuations move with them.
Execution
Our models read these shifts systematically and translate them into position sizes.