← US Macro
Global Macro Compass
All G10 currencies plus Singapore — live macro data. Rate, money supply, and yield divergence drives medium-term currency direction — spot the macro gap before it moves.
Indicator Heatmap — ranked vs peers
| Country | Policy Rate ↑ better | Inflation ↓ better | GDP Growth ↑ better | Money Supply ↓ better | 10-Year Yield ↑ better | Unemployment ↓ better |
|---|---|---|---|---|---|---|
🇺🇸 USD United States | — | 4.0% #13/13 | +3.4% #5/14 | 5.7% #2/3 | 4.99% #3/9 | 4.2% #5/12 |
🇬🇧 GBP United Kingdom | — | 3.9% #12/13 | +1.4% #8/14 | — | 5.24% #2/9 | 4.7% #8/12 |
🇦🇺 AUD Australia | — | 2.9% #8/13 | +1.4% #9/14 | — | 5.28% #1/9 | 4.1% #4/12 |
🇳🇿 NZD New Zealand | — | 2.8% #7/13 | +0.5% #14/14 | — | 4.94% #4/9 | 5.1% #10/12 |
🇨🇦 CAD Canada | — | 3.1% #10/13 | +1.7% #6/14 | 6.3% #3/3 | 3.87% #6/9 | 6.9% #11/12 |
🇪🇺 EUR Eurozone | — | — | +1.1% #12/14 | 4.3% #1/3 | 3.22% #7/9 | — |
🇨🇭 CHF Switzerland | — | 0.2% #1/13 | +1.3% #10/14 | — | 0.59% #9/9 | 4.9% #9/12 |
🇸🇪 SEK Sweden | — | 0.7% #2/13 | +1.5% #7/14 | — | 3.19% #8/9 | 8.7% #12/12 |
🇳🇴 NOK Norway | — | 3.0% #9/13 | +1.1% #13/14 | — | 4.41% #5/9 | 4.6% #7/12 |
🇯🇵 JPY Japan | — | 3.2% #11/13 | +1.2% #11/14 | — | — | 2.5% #1/12 |
🇮🇳 INR India | — | 2.4% #6/13 | +7.6% #1/14 | — | — | 4.2% #6/12 |
🇸🇬 SGD Singapore | — | 0.9% #3/13 | +5.0% #3/14 | — | — | 2.8% #2/12 |
🇲🇾 MYR Malaysia | 2.75% #1/1 | 1.8% #5/13 | +6.0% #2/14 | — | — | 2.9% #3/12 |
🇭🇰 HKD Hong Kong | — | 1.4% #4/13 | +3.5% #4/14 | — | — | — |
Relative rank
Best
Mid
Worst
— = data unavailable · Click country to view detail charts
Macro Snapshot
🇺🇸Charts →
United States
USD
ExpansionGDP QoQ: 3.4%
Policy Rate
—
CPI YoY
4.0%
M2/M3 YoY
5.7%
Unemployment
4.2%
10Y Yield
4.99%
Yield Curve
—
PPI YoY
12.8%
Current Acct
—
🇬🇧Charts →
United Kingdom
GBP
ExpansionGDP QoQ: 0.5%
Policy Rate
—
CPI YoY
3.9%
M2/M3 YoY
—
Unemployment
4.7%
10Y Yield
5.24%
Yield Curve
—
FX spotGBP/USD 1.3375
🇦🇺Charts →
Australia
AUD
ExpansionGDP QoQ: 0.4%
Policy Rate
—
CPI YoY
2.9%
M2/M3 YoY
—
Unemployment
4.1%
10Y Yield
5.28%
Yield Curve
—
FX spotAUD/USD 0.7037
🇳🇿Charts →
New Zealand
NZD
ExpansionGDP QoQ: 0.4%
Policy Rate
—
CPI YoY
2.8%
M2/M3 YoY
—
Unemployment
5.1%
10Y Yield
4.94%
Yield Curve
—
🇨🇦Charts →
Canada
CAD
ExpansionGDP QoQ: 0.8%
Policy Rate
—
CPI YoY
3.1%
M2/M3 YoY
6.3%
Unemployment
6.9%
10Y Yield
3.87%
Yield Curve
—
FX spotUSD/CAD 1.3993
🇪🇺Charts →
Eurozone
EUR
ExpansionGDP QoQ: 0.6%
Data unavailable
FX spotEUR/USD 1.1199
🇨🇭Charts →
Switzerland
CHF
ExpansionGDP QoQ: 1.9%
Policy Rate
—
CPI YoY
0.2%
M2/M3 YoY
—
Unemployment
4.9%
10Y Yield
0.59%
Yield Curve
—
FX spotUSD/CHF 0.8248
🇸🇪Charts →
Sweden
SEK
ExpansionGDP QoQ: 1.6%
Policy Rate
—
CPI YoY
0.7%
M2/M3 YoY
—
Unemployment
8.7%
10Y Yield
3.19%
Yield Curve
—
FX spotUSD/SEK 9.9237
🇳🇴Charts →
Norway
NOK
ExpansionGDP QoQ: 0.7%
Policy Rate
—
CPI YoY
3.0%
M2/M3 YoY
—
Unemployment
4.6%
10Y Yield
4.41%
Yield Curve
—
FX spotUSD/NOK 9.3227
🇯🇵Charts →
Japan
JPY
Policy Rate
—
CPI YoY
3.2%
M2/M3 YoY
—
Unemployment
2.5%
🇮🇳Charts →
India
INR
Policy Rate
—
CPI YoY
2.4%
M2/M3 YoY
—
Unemployment
4.2%
🇸🇬Charts →
Singapore
SGD
Policy Rate
—
CPI YoY
0.9%
M2/M3 YoY
—
Unemployment
2.8%
🇲🇾Charts →
Malaysia
MYR · 2026-09-03
ExpansionGDP QoQ: 2.5%
Policy Rate
2.75%
CPI YoY
1.8%
M2/M3 YoY
—
Unemployment
2.9%
PPI YoY
—
Current Acct
+1.6%
FX spotUSD/MYR 4.0664
🇭🇰Charts →
Hong Kong
HKD
Policy Rate
—
CPI YoY
1.4%
M2/M3 YoY
—
Unemployment
—
PPI YoY
—
Current Acct
+12.2%
Macro Gap Score — Attractiveness vs USD
Carry · Yield · Inflation · LiquidityMost attractive vs USD
🇸🇬 SGD — CPI 3.1pp lower than US
Least attractive vs USD
🇨🇭 CHF — 10Y yield -4.40pp vs UST
#CurrencyGap vs USD ◀ negative · zero · positive ▶ScoreSignalTop driver
1+0.94
🇸🇬SGD
Mild +
CPI 3.1pp lower than US
2+0.78
🇭🇰HKD
Mild +
CPI 2.6pp lower than US
3+0.67
🇲🇾MYR
Mild +
CPI 2.2pp lower than US
4+0.49
🇮🇳INR
Mild +
CPI 1.6pp lower than US
5+0.46
🇦🇺AUD
Mild +
10Y yield +0.29pp vs UST
6+0.34
🇳🇿NZD
Neutral
10Y yield -0.05pp vs UST
7+0.28
🇸🇪SEK
Neutral
10Y yield -1.80pp vs UST
8+0.26
🇯🇵JPY
Neutral
CPI 0.9pp lower than US
9+0.14
🇬🇧GBP
Neutral
10Y yield +0.25pp vs UST
10+0.06
🇳🇴NOK
Neutral
10Y yield -0.58pp vs UST
11-0.29
🇨🇦CAD
Neutral
10Y yield -1.12pp vs UST
12-0.42
🇪🇺EUR
Mild −
10Y yield -1.77pp vs UST
13-0.60
🇨🇭CHF
Mild −
10Y yield -4.40pp vs UST
Score = rate diff (×0.5) + 10Y yield diff (×0.4) − CPI diff (×0.3) − M2 diff (×0.2). All differentials measured against USD. Positive = more macro-attractive than USD. Not a price forecast — directional tendency only.
Side-by-Side Comparison
| Indicator | 🇺🇸 USD | 🇬🇧 GBP | 🇦🇺 AUD | 🇳🇿 NZD | 🇨🇦 CAD | 🇪🇺 EUR | 🇨🇭 CHF | 🇸🇪 SEK | 🇳🇴 NOK | 🇯🇵 JPY | 🇮🇳 INR | 🇸🇬 SGD | 🇲🇾 MYR | 🇭🇰 HKD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Policy Rate | — | — | — | — | — | — | — | — | — | — | — | — | 2.75% | — |
| CPI YoY | 4.0% | 3.9% | 2.9% | 2.8% | 3.1% | — | 0.2% | 0.7% | 3.0% | 3.2% | 2.4% | 0.9% | 1.8% | 1.4% |
| PPI YoY | 12.8% | — | — | — | — | — | — | — | — | — | — | — | — | — |
| M2/M3 YoY | 5.7% | — | — | — | 6.3% | 4.3% | — | — | — | — | — | — | — | — |
| Unemployment | 4.2% | 4.7% | 4.1% | 5.1% | 6.9% | — | 4.9% | 8.7% | 4.6% | 2.5% | 4.2% | 2.8% | 2.9% | — |
| GDP YoY | 3.4% | 1.4% | 1.4% | 0.5% | 1.7% | 1.1% | 1.3% | 1.5% | 1.1% | 1.2% | 7.6% | 5.0% | 6.0% | 3.5% |
| GDP QoQ | 3.4% | 0.5% | 0.4% | 0.4% | 0.8% | 0.6% | 1.9% | 1.6% | 0.7% | — | — | — | 2.5% | — |
| 10Y Yield | 4.99% | 5.24% | 5.28% | 4.94% | 3.87% | 3.22% | 0.59% | 3.19% | 4.41% | — | — | — | — | — |
| Yield Curve (10Y−Rate) | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| GDP Status | Expansion | Expansion | Expansion | Expansion | Expansion | Expansion | Expansion | Expansion | Expansion | — | — | — | Expansion | — |
| Current Acct % GDP | — | — | — | — | — | — | — | — | — | — | — | — | +1.6% | +12.2% |
| FX Spot | base | 1.3375 | 0.7037 | base | 1.3993 | 1.1199 | 0.8248 | 9.9237 | 9.3227 | base | base | base | 4.0664 | base |
FX: GBP/EUR/AUD as USD-per-unit · USD/CAD, USD/JPY, USD/SGD as foreign-per-USD · Yield curve = 10Y minus policy rate
Forex Divergence Signals
Medium-term directional bias vs USD, derived from three macro differentials: policy rate (carry), CPI (purchasing power), and M2 growth (leading inflation indicator).
🇬🇧
GBP/USD
Spot: GBP/USD 1.3375
Rate diff vs USD—
CPI diff vs US-0.14pp
M2 growth diff vs US—
CPI 0.1pp slower than US (inflation +)
Macro tendency only · Not investment advice
🇦🇺
AUD/USD
Spot: AUD/USD 0.7037
Rate diff vs USD—
CPI diff vs US-1.15pp
M2 growth diff vs US—
CPI 1.1pp slower than US (inflation +)
Macro tendency only · Not investment advice
🇳🇿
NZD/USD
Rate diff vs USD—
CPI diff vs US-1.18pp
M2 growth diff vs US—
CPI 1.2pp slower than US (inflation +)
Macro tendency only · Not investment advice
🇨🇦
USD/CAD
Spot: USD/CAD 1.3993
Rate diff vs USD—
CPI diff vs US-0.92pp
M2 growth diff vs US+0.59pp
CPI 0.9pp slower than US (inflation +) · M2 growing 0.6pp faster than US (liquidity −)
Macro tendency only · Not investment advice
🇪🇺
EUR/USD
Spot: EUR/USD 1.1199
Rate diff vs USD—
CPI diff vs US—
M2 growth diff vs US-1.42pp
M2 growing 1.4pp slower than US (liquidity +)
Macro tendency only · Not investment advice
🇨🇭
USD/CHF
Spot: USD/CHF 0.8248
Rate diff vs USD—
CPI diff vs US-3.87pp
M2 growth diff vs US—
CPI 3.9pp slower than US (inflation +)
Macro tendency only · Not investment advice
🇸🇪
USD/SEK
Spot: USD/SEK 9.9237
Rate diff vs USD—
CPI diff vs US-3.34pp
M2 growth diff vs US—
CPI 3.3pp slower than US (inflation +)
Macro tendency only · Not investment advice
🇳🇴
USD/NOK
Spot: USD/NOK 9.3227
Rate diff vs USD—
CPI diff vs US-0.98pp
M2 growth diff vs US—
CPI 1.0pp slower than US (inflation +)
Macro tendency only · Not investment advice
🇯🇵
USD/JPY
Rate diff vs USD—
CPI diff vs US-0.85pp
M2 growth diff vs US—
CPI 0.9pp slower than US (inflation +)
Macro tendency only · Not investment advice
🇮🇳
USD/INR
Rate diff vs USD—
CPI diff vs US-1.62pp
M2 growth diff vs US—
CPI 1.6pp slower than US (inflation +)
Macro tendency only · Not investment advice
🇸🇬
USD/SGD
Rate diff vs USD—
CPI diff vs US-3.12pp
M2 growth diff vs US—
CPI 3.1pp slower than US (inflation +)
Macro tendency only · Not investment advice
🇲🇾
USD/MYR
Spot: USD/MYR 4.0664
Rate diff vs USD—
CPI diff vs US-2.22pp
M2 growth diff vs US—
CPI 2.2pp slower than US (inflation +)
Macro tendency only · Not investment advice
🇭🇰
USD/HKD
Rate diff vs USD—
CPI diff vs US-2.59pp
M2 growth diff vs US—
CPI 2.6pp slower than US (inflation +)
Macro tendency only · Not investment advice
Signal methodology
Rate differential
Weight ×1.0
Higher yield = carry incentive. Strongest near-term driver of currency flows.
CPI differential
Weight ×0.5 (inverse)
Faster inflation erodes purchasing power and weakens the currency over time.
M2 growth diff
Weight ×0.3 (inverse)
More money supply = future inflation. A leading signal before CPI responds.
Yield curve (10Y − policy rate): Positive = normal (growth expectations). Near zero or negative = flat/inverted curve — historically precedes recession by 12–18 months.
GDP recession flag: Two consecutive negative QoQ quarters = technical recession. One negative quarter = warning. Current account surplus (% GDP) provides structural FX support.
All forex differentials measured as foreign economy minus US. Positive composite favours the foreign currency vs USD. Strength: Strong >1.5, Moderate 0.4–1.5, Weak 0.1–0.4. Past macro divergence is not a reliable predictor of future exchange rates.
US · UK · AU · NZ · CA · EZ · CH · SE · NO · JP via FRED (Federal Reserve) · SG via MAS & SingStat · Refreshed every 6 hours · Not financial advice