Currency markets through the lens of interest-rate differentials, risk-on/risk-off carry, and intervention regimes. Terms that explain why a dollar move shows up in EM funding before it shows up in DXY.
The central bank of the Philippines, mandated to maintain price stability conducive to balanced economic growth while overseeing the financial system and the peso. It conducts monetary policy via an interest-rate corridor anchored to the overnight reverse repurchase (RRP) rate and manages foreign-exchange reserves.
Carry is the income earned (or paid) for holding a position over time, independent of price change — the coupon, yield, or interest-rate differential captured while waiting. Positive carry pays you to hold; negative carry costs you. It is the return that accrues if nothing moves.
The EURUSD put wing is the downside-strike segment of the euro-dollar options volatility surface — the implied volatility priced into out-of-the-money EUR puts (USD calls) that pay off when the euro falls. It is the market's quoted cost of insuring against euro depreciation.
Exorbitant privilege is the structural economic benefit the United States derives from issuing the world's primary reserve currency: it borrows globally in its own currency at suppressed yields, earns more on foreign assets than it pays on foreign liabilities, and runs persistent deficits without the financing constraint other sovereigns face.