野村全球市场研究发布外汇主题报告，构建框架以识别短期与中长期外汇市场的主要驱动主题。报告将潜在主题划分为商品、原油、套息交易、股票和美元五类，当相关外汇收益与主题方向一致，且货币表现与基准相符时，即判定该主题成立；若多个主题同时可能成立，则按对应货币篮子的风险调整后收益排序。截至2026年11月9日，短期信号显示原油为第一可能主题，股票为第二，美元为第三，商品与套息交易尚不明确；长期信号中，美元为第一可能主题，套息交易为第二，其余主题不明确。报告并列出各主题货币篮子在不同持有期（3、5、7日及5、10、22日）的收益表现，用以辅助判断主题强弱与持续性。
Nomura Global Markets Research presents a framework for identifying the main short- and longer-term FX themes. Five potential themes are considered: commodities, oil, carry trades, equities and the dollar. A predominant theme is identified when the underlying FX shows consistency in returns with the identified theme and consistency of currency performance with the benchmark. When multiple themes are probable, they are ranked by the risk-adjusted returns of the corresponding currency basket. As of 9 November 2026, the short-term signal flags oil as the first probable theme, equities second and the dollar third, while commodities and carry are unclear. The longer-term signal flags the dollar as the first probable theme and carry second, with the other themes unclear. The report also details the performance of theme baskets over 3, 5 and 7 days for short-term signals and 5, 10 and 22 days for longer-term signals.