Biggest Currency Movers – March 2026
March has seen a strong shift in FX markets, with the U.S. dollar outperforming as oil prices, geopolitical risk and shifting rate expectations reshaped currency moves.
Biggest Currency Movers in March
March has delivered another reshuffle in global currency markets, with geopolitics, oil prices and changing interest rate expectations driving the biggest moves. The standout theme has been renewed U.S. dollar strength as investors moved toward safer assets and reassessed the outlook for inflation and central bank policy.
Below is a snapshot of the biggest FX winners and losers so far in March, and what has been driving the moves.
📈 Biggest Gainers
🇺🇸 US Dollar (USD)
The U.S. dollar has been the clearest winner in March. Rising tensions in the Middle East, disruption risks around energy supplies, and a jump in oil prices have boosted demand for the greenback as a safe haven. The dollar index rose more than 1.5% earlier in the month and the greenback climbed to multi-month highs against several major currencies.
See BER’s US Dollar Index and USD exchange rates.
🇨🇭 Swiss Franc (CHF)
The Swiss franc has also attracted support during periods of market stress. As investors looked for defensive assets, the franc benefited from safe-haven demand, although the U.S. dollar has generally outshone other traditional havens this month.
Track CHF exchange rates.
🇪🇺 Euro (EUR)
The euro has been volatile in March. It came under pressure when higher oil prices raised concerns about Europe’s growth outlook, but it also saw support after the ECB signalled it was watching inflation risks closely. That mix has made the euro one of the more active major currencies this month.
Follow EUR to USD and USD to EUR.
⸻
📉 Biggest Losers
🇯🇵 Japanese Yen (JPY)
The yen has remained under pressure for much of March, with USD/JPY pushing toward levels associated with intervention risk. Even when the yen caught short bursts of safe-haven demand, Japan’s still-low yield backdrop kept it vulnerable against a stronger U.S. dollar.
See USD to JPY and JPY to USD.
🇦🇺 Australian Dollar (AUD)
The Australian dollar has struggled as the stronger U.S. dollar, higher global uncertainty and shifting rate expectations weighed on risk-sensitive currencies. By late March, AUD/USD was still trading under pressure near recent lows for the year.
Track AUD to USD and USD to AUD.
🇳🇿 New Zealand Dollar (NZD)
The NZD has also been on the back foot in March. Like the Aussie, it has been squeezed by softer risk appetite and broad U.S. dollar strength, with investors preferring defensive positioning over growth-linked currencies.
Follow NZD to USD and USD to NZD.
⸻
🔍 What Drove FX Markets in March?
Key themes shaping currency moves this month included:
- The Iran conflict and disruption risks to oil and gas supplies through the Strait of Hormuz
- A stronger U.S. dollar as investors moved into safer assets
- Higher oil prices lifting inflation concerns and complicating the outlook for central banks
- Reduced confidence that the Federal Reserve will cut rates as quickly as markets previously expected
⸻
💡 What This Means for You
- Travellers may find U.S. dollars more expensive to buy while the greenback remains supported
- Businesses should watch oil-sensitive currencies and USD costs closely when planning international payments
- Expats and remitters may benefit from comparing providers rather than relying on bank rates, especially during fast-moving markets
Tip: In volatile markets, exchange rates and provider margins can move quickly. Using BER’s live comparison tools and rate alerts can help you 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.
