Learn forex & macro

Clear, practical explainers on forex and macro — how central banks move currencies, carry trades, rate differentials, safe havens, and the terms that matter.

• BasicsWhat is a pip in forex?A pip is the standard unit of price movement in a currency pair. Here's how pips, pipettes, and lot sizes translate into profit and loss.
• BasicsHow central banks move currenciesInterest rates, forward guidance, and balance-sheet policy are the levers central banks use — and the main reason currencies trend.
• IntermediateHow interest rate differentials drive FXThe gap between two countries' interest rates is the gravity behind most major currency-pair trends. Here's how it works.
• IntermediateUnderstanding the carry tradeThe carry trade earns the interest-rate differential between two currencies — a steady gain in calm markets, with sharp tail risk.
• IntermediateHow to read the Fed dot plotThe dot plot shows where each Fed policymaker expects rates to go. Here's how to interpret it — and its limits.
• BasicsSafe-haven currencies explainedWhy the US dollar, Japanese yen, and Swiss franc tend to strengthen when markets panic — and how to use that knowledge.
• BasicsWhat is a currency cross?A cross is any currency pair that doesn't include the US dollar. Here's why traders use them and how they behave.
• AdvancedWhat is quantitative tightening (QT)?QT is how central banks shrink the balance sheets they expanded during QE — and why it matters for yields and currencies.