Biggest Currency Movers – December 2025
Holiday-thin markets made for choppy ranges in December. USD was broadly steady, JPY stayed volatile on BoJ headlines, and EUR/GBP were contained. Here are the winners, losers, and BER takeaways.
Overview
December was a classic year-end month: range-bound USD, headline-sensitive JPY, and modest, selective moves across EUR, GBP, AUD and CAD as central-bank meetings (Fed, ECB, BoE, BoJ) book-ended the calendar while liquidity thinned into the holidays. Commodity FX tracked risk appetite and oil, with intraday swings often larger than daily closes.
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G10 Winners & Losers vs USD (December, MTD)
Here are the December (MTD) changes filled in:
| Currency | Pair proxy | Dec change vs USD (MTD) | Take |
|---|---|---|---|
| EUR | EUR/USD | +1.97% | Stable bid into year-end. |
| GBP | GBP/USD | +2.58% | Edged higher after BoE hold. |
| JPY | USD/JPY | −0.67% | Yen slightly firmer MTD despite volatility. |
| AUD | AUD/USD | +2.89% | Risk tone/China headlines supportive. |
| NZD | NZD/USD | +3.11% | Antipodean outperformance. |
| CAD | USD/CAD | +2.32%* | CAD firmer with oil stabilizing. |
| CHF | USD/CHF | +1.79%* | Franc firmer on safe-haven demand. |
*USDCAD and USDCHF are quoted with USD first; values shown are inverted so they reflect the non-USD currency vs USD. Positive numbers indicate the non-USD currency appreciated vs USD. Rates are indicative only – Compare live rates here.
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What Moved the Market
• Central-bank quad-week: Fed/ECB/BoE held the narrative; BoJ speculation kept USD/JPY whippy.
• Liquidity vacuum: Holiday-thin markets amplified intraday swings; closes often masked the noise.
• Data pulse: U.S. inflation/employment prints framed 2026 rate-path debate; European data mixed; China headlines tugged on AUD/NZD.
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Quick Take for BER Users
• Large USD→JPY transfers: Yen volatility = timing risk. Consider split deals (stage orders) and rate alerts; avoid app weekend markups where applicable.
• GBP/EUR payables: Sideways ranges favour budget rates locked with forwards ahead of January invoices.
• Travellers: Year-end spreads can widen; compare mid-market providers vs bank rates and check card vs cash costs before you convert.
💡 Tip: Late-year volatility can spike with thin liquidity—set BER rate alerts to catch quick reversals.
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.
