Biggest Currency Movers – January 2026
January saw clear winners and losers in FX markets, driven by interest rate expectations, risk appetite, and global growth signals.
Biggest Currency Movers in January
January delivered a clear reshuffle in global currency markets, with interest rate expectations and global risk appetite setting the tone. Some currencies benefited from resilient growth and steady central bank signals, while others struggled under weaker data and softer outlooks.
Below is a snapshot of the biggest FX winners and losers for the month, and what drove the moves.
📈 Biggest Gainers
🇺🇸 US Dollar (USD)
The US dollar strengthened through January as the US economy continued to show resilience. Markets scaled back expectations for near-term rate cuts, supporting the dollar against both major and commodity-linked currencies.
🇨🇭 Swiss Franc (CHF)
The Swiss franc gained modestly as investors favoured defensive currencies. Ongoing geopolitical uncertainty and uneven global growth kept demand steady for traditional safe havens.
🇸🇬 Singapore Dollar (SGD)
The SGD outperformed many regional peers, supported by stable inflation trends and Singapore’s strong external position, which helped shield it from broader volatility.
⸻
📉 Biggest Losers
🇯🇵 Japanese Yen (JPY)
The yen remained under pressure in January as Japan’s ultra-low interest rate environment continued to weigh on the currency. Yield differentials versus the US and Europe remained a key drag.
🇳🇿 New Zealand Dollar (NZD)
The NZD slipped as markets reassessed the growth outlook and dialled back expectations for further tightening. Softer global risk appetite also weighed on demand.
🇦 Canadian Dollar (CAD)
The Canadian dollar weakened alongside choppy commodity prices and growing focus on slowing North American growth momentum.
⸻
🔍 What Drove FX Markets in January?
Key themes shaping currency moves this month included:
• Shifting expectations around the timing of global interest rate cuts
• A cautious start to the year for global risk appetite
• Ongoing divergence between US economic strength and slower growth elsewhere
⸻
💡 What This Means for You
• Travelers may find better value where local currencies weakened against the USD
• Businesses should watch volatility closely when planning international payments
• Expats and remitters may benefit from comparing providers rather than relying on bank rates
Tip: FX markets can move quickly early in the year – using rate alerts and comparing live transfer rates can help lock in better value.
Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors should not be taken as a reference to buy or sell any financial product.
