Biggest Currency Movers – June 2025: Winners and Losers in the FX Market
June 2025 has seen big FX shifts: the British pound and Mexican peso surged, while the U.S. dollar and Swiss franc declined. See which currencies led the market—and why.
🌍 Biggest Currency Movers – June 2025: Winners and Losers in the FX Market
So far June 2025 has been a month of significant currency movements, influenced by shifting monetary policies, geopolitical tensions, and evolving investor sentiments. Here’s an overview of the top-performing and underperforming currencies this month.
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📈 Top Currency Gainers
🇬🇧 British Pound (GBP)
The British pound reached a three-year high against the U.S. dollar, bolstered by Finance Minister Rachel Reeves’ multi-year spending review allocating over £2 trillion in public funds. Despite concerns over potential tax hikes, investor confidence in the UK’s fiscal direction has strengthened sterling’s position. 
🇲🇽 Mexican Peso (MXN)
The Mexican peso appreciated by 6.03% over the trailing quarter, supported by the Bank of Mexico’s decision to cut the overnight target rate from 9.0% to 8.5% amid a slowing economy. This move has enhanced investor confidence in the peso. 
🇮🇳 Indian Rupee (INR)
The Indian rupee strengthened slightly, trading at 85.46 against the U.S. dollar, up 0.2% from the previous session. This uptick was aided by modest dollar sales from foreign banks and positive developments in U.S.-China trade talks, which have improved investor sentiment. 
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📉 Notable Currency Decliners
🇺🇸 U.S. Dollar (USD)
The U.S. dollar has experienced a decline of nearly 10% against a basket of major currencies since mid-January, driven by concerns over the federal deficit, trade policies, and expectations of Federal Reserve rate cuts. Morgan Stanley forecasts a further 9% drop over the next 12 months. 
🇨🇭 Swiss Franc (CHF)
The Swiss franc’s significant appreciation—20% over five years and 5% since President Trump’s return to office—has led to renewed deflationary pressures in Switzerland. The Swiss National Bank may consider cutting interest rates to zero or even negative territory to counteract these effects. 
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📊 Summary Table: June 2025 Currency Performance
| Currency | Performance | Key Drivers |
|---|---|---|
| GBP | ↑UP | UK fiscal policy, investor confidence |
| MXN | ↑UP | Interest rate cuts, economic outlook |
| INR | ↑UP | Foreign investment, trade developments |
| USD | ↓DOWN | Fiscal concerns, rate cut expectations |
| CHF | ↓DOWN | Currency appreciation, deflation risks |
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