Biggest Currency Movers – November 2025
November is an USD-up month: yen fell hardest, with NZD and GBP also weaker. We recap the drivers—Fed signals, BoE’s knife-edge hold, and BoJ hike chatter—and the takeaways for senders, SMEs and travellers.
Overview
The U.S. dollar firmed through November as markets weighed mixed Fed messaging and resilient U.S. data. Sterling wobbled after a close BoE hold and growing odds of a December cut, while the yen slid as BoJ officials flagged the chance of year-end tightening but wide yield gaps kept JPY under pressure. 
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G10 Winners & Losers vs USD (November, MTD)
| Currency | Pair proxy | Nov change vs USD* | Take |
|---|---|---|---|
| JPY | USD/JPY | −6.71% (USD up) | BoJ hints at Dec hike but yield gap + strong USD kept JPY weak. |
| NZD | NZD/USD | −2.48% | Growth worries; risk tone patchy. |
| GBP | GBP/USD | −1.78% | Close BoE hold; markets tilt toward a Dec cut. |
| EUR | EUR/USD | −0.98% | ECB signalling steady rates; USD strength dominates. |
| AUD | AUD/USD | −0.88% | Commodity-linked flows couldn’t offset broad USD bid. |
| CHF | USD/CHF | −0.96% (CHF down) | Safe-haven bid muted as USD firmed. |
| CAD | USD/CAD | −0.78% (CAD down) | Oil swings; USD stronger on rates repricing. |
- Change columns reflect non-USD currency performance vs USD using Finviz “Perf Month” snapshots (e.g., USD/JPY +6.71% ⇒ JPY −6.71%). Rates are indicative only – compare live rates here. 
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What Moved the Market
• Fed signals: Officials stressed policy is “in the right place,” but debate over timing of any cuts remains; firm jobs prints supported the dollar. 
• BoE on a knife-edge: A 5–4 vote to hold and polls pointing to a possible December trim weighed on sterling. 
• BoJ chatter: Board members and the governor signalled scope for a December hike, yet JPY stayed under pressure as U.S.–JP spreads stayed wide. 
• ECB steady: Policymakers conveyed comfort with current settings; markets see an extended hold. 
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Quick Take for BER Users
• Large USD→JPY transfers: The strong USD means better JPY received this month; consider split deals and rate alerts in case BoJ surprises in December.
• GBP payables/receivables: Sterling’s wobble raises budget risk—forward contracts can lock levels ahead of year-end.
• Travellers: With USD stronger vs EUR/GBP/AUD/NZD, price trips accordingly; compare card vs cash costs and avoid weekend FX markups on app-based accounts.
Tip: If you must exchange on Revolut, avoid weekends (markups apply). Providers that use the mid-market rate plus a transparent fee (e.g., Wise) can deliver a better effective rate for many amounts.
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Data Notes & Sources
Monthly moves based on Finviz “Forex Performance → Perf Month” taken late November AEST. Macro context from Reuters round-ups on the Fed, BoE, BoJ and ECB. Figures differ from your bank or provider quotes. 
💡 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.
