是什么推动了高频外汇交易？

What is driving high-frequency FX? Rohini Grover, Ph.D.Strategist+44-20-754-75907 Connectivity from other asset classes to FXsoftened last week, driven by a broad declinein volatility across both equities and FX. As aresult,the number of currencies beinginfluenced by EM equities, Oil and Copper declined.However, equitiesremainedthedominant drivers, with EM and US equities remaining the top two drivers. Christabel CharlesResearch Analyst Impact of key asset classes on FX:USD/JPY and USD/SGD are driven by US and EM equitiesalong with VIX, while EUR/USD and USD/CHF are primarily influenced by US and EMequities in conjunction with US rates. Both US and EM equities also impact NZD/USD andUSD/CNH. Lastly, AUD/USD and EUR/CHF are influenced by EM equities, while USD/MXNand XBT/USD are driven by Oil. Historical impact of key asset classes on FX:Over the past three months, historical datareveals that EM equities consistently influenced AUD/USD, AUD/JPY, and USD/JPY on over70% of days. Concurrently, US equities were the primary driver for USD/CHF, AUD/JPY, andGBP/USD on more than 90% of days. Oil impacted EUR/NOK on approximately 90% of days,while US rates drove AUD/JPY on over 60% of days. Contemporaneous effects between FX and other asset classes:US and EM equitiescontinue to exhibit a positive correlation with AUD, NZD, EUR, GBP, XAU, XBT, MXN, SGD,and ZAR against the USD. Conversely, Oil maintains a strong negative correlation with SGD,MXN, ZAR, and the Antipodean currencies. Additionally, USrates are also negativelycorrelated with SGD, ZAR, JPY, MXN, AUD, and EUR. Based on correlation-based Minimum Spanning Trees:EM equities have become theleadingcontemporaneous driver of high-frequency FX movement,while AUD/USDcontinues to be the most significant contemporaneous driver for other asset classes. Figure1,Figure3andFigure15look at causality in FX.Figure1shows the currencies whosemoves can be statistically predicted by other asset classes.Figure3ranks the drivers of FX(highest to lowest number of currencies, driven by a given asset).Figure15shows therelative importance of each asset in driving a given currency in the recent period.Figure13looks at contemporaneous correlations. We show the top 3 correlations between FX pairsand other asset classes.Figure14shows intra-FX correlations. We use Granger causalitytests to measure causality. All statistics measured at 5-minute frequency. For furtherdetails, please see our updatedmethodology.For a summary of ourFX quant tools, pleasealso seeDB FX research quant tools. Source:Deutsche Bank Research Source:Deutsche Bank Research Source:Deutsche Bank Research Source:Deutsche Bank Research Source:Deutsche Bank Research Source:Deutsche Bank Research Source:Deutsche Bank Research Source:Deutsche Bank Research Figure13:Cross-asset correlation Figure14:Cross-currency correlation 7 April 2026FX Blog 7 April 2026FX Blog Appendix 1 Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned leadanalyst(s). Inaddition, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specificrecommendation or view in this report. Rohini Grover, Ph.D.. Important Disclosures Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from localexchanges via Reuters, Bloomberg and other vendors . Other information is sourced from Deutsche Bank, subjectcompanies, and other sources. For further information regarding disclosures relevant to Deutsche Bank Research,please visit our global disclosure look-up page on our website at https://research.db.com/Research/Disclosures/FICCDisclosures. Aside from within this report, important risk andconflict disclosures can also be found athttps://research.db.com/Research/Disclosures/Disclaimer. Investors arestrongly encouraged to review this information before investing. 7 April 2026FX Blog Additional Information The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively'Deutsche Bank'). Though the information herein is believed to be reliable and has been obtained from public sourcesbelieved to be reliable, Deutsche Bank makes no representation as to its accuracy or completeness. Hyperlinks tothird-party websites in this report are provided for reader convenience only. Deutsche Bank neither endorses thecontent nor is responsible for the accuracy or security controls of those websites. If you use the services of Deutsche Bank in connection with a purchase or sale of a security that is discussed in thisreport, or is included or discussed in another communication (oral or written) from a Deutsche Bank analyst, DeutscheBank may act as principal for its own account or as agent for another person. Deutsche Bank may consider this report in deciding to trade as principal. It may also engage in transactions, for itsown account or with customers, i