The Currency Book

Deutsche Bank

George Saravelos

Research

76 Pages

Combining academic, industry and Deutsche Bank expertise, The Currency Book explains the enduring principles and the developments defining FX today.

Key Takeaways

Largest Market: Daily FX turnover reached $9.5 trillion in 2025, according to the BIS triennial survey.
Spot Dwarfs Treasuries: Spot FX trades roughly $3 trillion a day, more than double daily turnover in U.S. Treasuries.
Yen Screens Cheap: Deutsche Bank's DBeer model shows the yen about 30% undervalued versus the dollar, the most of any currency shown.
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