Major Currency Performance by Region in 2024
Major Currency Performance by Region in 2024
Economic health, trade dynamics, and financial stability—among other factors—are critical determinants of currency performance.
This graphic, created in partnership with OANDA, illustrates the 2024 performance of the most-traded currencies by region, offering an overall health check on some of the world’s most powerful currencies.
What is the Most-Traded Currency by Region?
The most-traded currency across North America—and the world—is, of course, the U.S. dollar (USD). According to the BIS, the USD has an average daily trading volume of $6.64 trillion. The euro takes the top spot in Europe, with a daily trading volume of $2.29 trillion.
The other top regional currencies are the Japanese yen (East Asia & Pacific), the Mexican peso (Latin America & Caribbean), the Indian rupee (South Asia), the UAE dirham (Middle East & North Africa), and the South African rand (Sub-Saharan Africa).
Which Currencies Gained Ground in 2024?
Most major currencies took a beating throughout the year, with only the USD finishing in the green.
The USD was the top-performing currency on our list, gaining 6.7%. The resilience of the U.S. economy in the face of global uncertainty and the more stable inflationary environment contributed to the currency’s relative success. In fact, the USD is now trading near an all-time high.
| Region | Currency | YTD (%) |
|---|---|---|
| North America | U.S. dollar (USD) | 6.7% |
| Middle East & North Africa | UAE dirham (AED) | 0.0% |
| South Asia | Indian rupee (INR) | -2.8% |
| Sub-Saharan Africa | South African rand (ZAR) | -2.8% |
| Europe & Central Asia | Euro (EUR) | -5.9% |
| East Asia & Pacific | Japanese yen (JPY) | -10.0% |
| Latin America & Caribbean | Mexican peso (MXN) | -18.2% |
The UAE dirham, which is closely linked to oil prices, finished flat in 2024 in line with the commodity.
Which Currencies Lost Ground in 2024?
The other currencies on our list fell versus the USD.
The Mexican peso experienced the sharpest decline, plummeting 18.2% on the year, driven by internal political turmoil and the impact of Donald Trump’s U.S. election victory. Similarly, the Japanese yen fell by 10.0%, pressured by uncertainty surrounding upcoming Japanese elections, robust U.S. economic growth indicators, and the significant interest rate differential between Japan and the United States. The euro and the Indian rupee also finished in the red.
Opportunities in Foreign Exchange Trading
The U.S. economy and its currency demonstrated surprising resilience throughout the year, offering potential opportunities for investors in 2025. With the current trajectory, strategies such as short-long positions against weaker currencies, including the Mexican peso and Japanese yen, may warrant closer evaluation.
OANDA can help you trade smarter with a wide range of currencies, including the USD.
Note: Past performance is not indicative of future results.
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