Biggest Currency Movers – September 2025: Winners and Losers in the FX Market
September saw small G10 moves: AUD and CHF edged higher vs USD, while JPY, NZD and GBP slipped. We recap the drivers—Fed path, BoJ’s “hawkish hold,” SNB, UK data—and what to watch next.
Overview
G10 FX wrapped a relatively subdued September with commodity and safe-haven pockets edging up against the U.S. dollar, while the yen, kiwi and pound underperformed. A late-month firming in the dollar followed stronger U.S. data and headlines, trimming earlier gains elsewhere. 
Key storylines:
• Fed path: Mixed U.S. data kept cut expectations in play, but a Q2 GDP upgrade buoyed the dollar into month-end. 
• BoJ’s “hawkish hold”: Rates on hold but plans to sell ETFs/REITs nudged expectations for further tightening—yen stayed soft in September overall. 
• SNB on hold at 0%: The franc was steady-firmer as the SNB paused after a long easing cycle. 
• UK softness: Weak PMIs and fiscal worries weighed on sterling. 
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G10 Winners & Losers vs USD (September)
| Currency | Pair proxy | Sep change vs USD | Take |
|---|---|---|---|
| AUD | AUD/USD | +0.77% | Risk tone stabilised; China-sensitive flows steadier. |
| CHF | USD/CHF | ≈+0.68%* (USDCHF −0.68%) | SNB steady; safe-haven bid resilient. |
| EUR | EUR/USD | +0.47% | Supported by softer USD earlier in month. |
| CAD | USD/CAD | −0.72% | Oil mixed; USD firmer late month. |
| GBP | GBP/USD | −0.59% | Soft PMIs; fiscal concerns into Autumn Statement. |
| JPY | USD/JPY | −1.46% | BoJ “hawkish hold” not enough to lift yen in Sep. |
| NZD | NZD/USD | −1.56% | Growth concerns and softer risk appetite. |
- Positive numbers indicate the non-USD currency appreciated vs USD. Figures are month-to-date snapshots near Sept 28 AEST from Finviz’ FX performance page. Rates are indicative only – compare live rates here. 
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Emerging-Market Highlights
• INR (Indian rupee): Pressured by new U.S. tariff headlines; one-month NDFs flagged record-low territory near ₹89 per USD late in the month. 
• ZAR (South African rand): Outperformed modestly in September; USD/ZAR down ~1.6% MTD into late week. 
• MXN (Mexican peso): Banxico cut 25 bps to 7.50% amid sticky core inflation; peso’s resilience is being tested by shifting U.S. rate expectations. 
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What Moved the Market
• U.S. data pulse: Upgraded GDP (Q2 +3.8%) lifted yields and the dollar late month, capping G10 gains. 
• Japan policy shift: BoJ started unwinding ETF/REIT holdings—symbolic tightening step—but yen still ended the month softer as U.S.–JP yield spreads remained wide. 
• Switzerland: SNB held rates at 0%; franc broadly steady. 
• UK macro: Weak PMIs and fiscal jitters weighed on GBP. 
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Quick Take for BER Users
• Large transfers (business & personal): AUD and EUR strength vs USD improved inbound USD buying power slightly earlier in the month; late-month USD rebound narrowed that edge. Use rate alerts and consider split deals to manage timing risk.
• Importers/Exporters: Yen weakness supports JPY-denominated receivables; GBP sellers faced softer levels—look at forward contracts to lock budget rates.
• Travellers: CHF and EUR edged up vs USD—price your trips accordingly and compare card vs cash costs before converting.
💡Tip: September’s ranges were tight; don’t chase. Use provider comparisons and alerts to capture intraday dips.
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.
