Happy New Year
It was a lively year in the FX market with the yen going on a particularly wild ride but ultimately it was the Swiss franc that came out on top as USD/CHF fell nearly 9%.
At the other end of the spectrum was the Japanese yen as it was the G10 laggard for the third straight year, falling 7.6% in spike of a huge rally over the past six week.s
Right in the middle was AUD/USD, which started the year at 0.6813 and finished the year at 0.6810. That’s a whole three pips for the patient shorts 🙂
We hope you had a more-profitable year than that but overall I’m struck by the small size of most of the moves and the relatively narrow ranges. EUR/USD traded this year entirely between 1.0447 and 1.1275, which is far narrower than the usual 15-20-cent range.
Expanding beyond the G10 group, the Russian ruble had another dismal year while the Mexican peso gained an admirable 13%, in its best performance in more than 30 years.
The FX winners and losers of 2023
