Every market, drawn to scale — range, position, drivers.

Position in range0% · near the bottom

What drives it

• The gap between Fed and ECB rate expectations — the single biggest lever.
• US data surprises (payrolls, CPI) usually move it more than euro-area data.
• Most liquid pair in the world: tightest spreads, busiest in the London–New York overlap.

Position in range15% · near the bottom

What drives it

• Bank of England policy versus the Fed, driven by UK inflation and wage data.
• Often ranges tightly before UK CPI, then breaks hard — a classic range lesson.
• Nicknamed “Cable”; liveliest during the London session.

Position in range100% · near the top

What drives it

• US Treasury yields: when they rise relative to Japan's, the pair tends to climb.
• Carry trade flows — borrowing cheap yen to hold higher-yielding dollars.
• Japan's finance ministry may warn or intervene when the yen weakens fast.

Position in range13% · near the bottom

What drives it

• Real (inflation-adjusted) yields: gold pays no interest, so falling real yields help it.
• Central-bank reserve buying provides slow, steady demand.
• Safe-haven flows when markets are stressed; usually moves inversely to the dollar.