We offer a unifying empirical model of covered and uncovered currency premia, interest rates and spot and forward exchange rates, both in the cross section and time series of currencies. We find that ...

Foreign exchange is the largest and most liquid financial market, with nearly $10 trillion changing hands daily. It’s the underpinning for global trade and finance—and its structure is changing as ...

Amid consistently high geopolitical tensions, a shifting interest rate environment in developed and developing economies, and the increasing threat of tariffs impacting global trade, one thing is sure ...