APFX Research

APFX Research

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FX Correlations In Focus
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FX Correlations In Focus

Currency matrix takeaways post tariff shock

Apr 08, 2025
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APFX Research
APFX Research
FX Correlations In Focus
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The two-way price action in the US Dollar since Liberation Day has already shown that traditional correlations between FX and other asset classes have become dislocated.

Further evidence of this can be seen in the lower gold price (XAU/USD), with a higher correlation to SPX than the historical average.

A review of the recent correlations to other assets makes for very interesting analysis of Bitcoin as a digital currency.

So today, we will review what the data tells us and focus on the correlations to be focused on going forward.

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