Headline for .     Since the beginning of 2018, despite the Covid-19 pandemic, currencies around the world are generally down against the United States dollar.     
World Currency Observer
World Currency Observer

Exchange Rates: one year high and low

February 2, 2026. Next update: February 17, 2026. Visit Search to look at past issues of World Currency Observer (brochure edition).

Around the world, currencies were generally steady or a little weaker against the US$ in the first half of January 2026, but then strengthened over the last two weeks of the month, resulting in a majority of currencies around the world showing a net gain against the US$ in the first month of 2026. Looking at currencies around the world: North America currencies were up against the US$ over the month of January 2026 - the Canada dollar was up by 1% and the Mexico peso was up by 3.5% (the peso was up by nearly 2.5% against the Canada dollar in January.) The Jamaica dollar strengthened by 2% in US$ terms in January 2026. South America currencies were generally stronger against the US$ in January 2026 (including the Argentina peso, which showed a slight net gain). Among these, the Chile peso was up by 7% in US$ terms in January, the Brazil peso was up by 4.25%. The Colombia peso was up by 1.25% on the month against the US$ - the Colombia central bank raised its key interest rate on the last day of January, citing concerns about inflation (around 5%). The Euro was up by 1.25% on the month on the US$, but other non-Euro currencies were up by even more, such as the Swiss franc, up by 2.75% (touching a record high at one point in January), and the UK pound was up by 2%. The Sweden krona was up by 3.75% on the US$ and the Norway krone up by nearly 5%. The Poland zloty was up by 2.25% in January 2026 against the US$, and is up by 12.75% since this time last year. The Russia rouble and the Belarus rouble were both up by around 3.5% against the US$ in January, the Ukraine hryvnia was down by around 1.5% (down 1.75% since this time last year), and other former USSR country currencies were down slightly on the month in US$ value. The Libya dinar was down by 15.5% in US$ terms in January 2026. The Israel shekel was up 3.25% in US$ terms, and the Egypt pound was down by 1.75%. The Nigeria shilling was up by 5% on the month, and up by 9.5% since this time last year. The Ghana cedi was down by 3.75% on the month, but is up by 28.5% since this time last year. Africa currencies were generally up against the US$ in February by varying amounts. The South Africa rand was up by 3.25% against the US$ in January 2026 and up by 14% since this time last year. The Zambia kwacha was up by 11.25% on the month in terms of the US$ and by nearly 30% since this time last year. The Tanzania shilling was down by 3% on the month against the US$. While Asia currencies generally showed net positive changes in value against the US$ in February, or were steady, the India rupee was down by 2.25% (down 6% on the year) - India and the EU announced major progress toward a comprehensive free trade agreement. The South Korea won showed a net gain in February against the US$ -the United States announced plans to put higher tariffs on South Korea, responding to what it sees as insufficient Korea progress in implementing the provisions of the US-South Korea trade arrangement. Due to last-week-of-the-month strength in the Japan yen (the same as in most other currencies around the world), the Japan yen was up by 1.5%, in a month which was dominated by expressions of concern about yen weakness, with talk of a US-Japan accord regarding measures to strengthen the yen (such as an increase in Japan interest rates). The Australia dollar showed a net gain of 4.5% on the month against the US$. Oil prices moved up by 14.5% in January 2026, but are still down by 10.75% since January 2025. Natural gas prices (both North America and Europe) also rose sharply in January 2026. In the last trading hours of the month of January 2026, gold prices dropped sharply, and silver prices dropped by even more (with no rebound at the beginning of February, so far.) There was also a lesser fall (but still large) over the same short time period in the prices of other metals (such as copper).

Another facet of the trade war, which would (if it happened) have a major effect on virtually every exchange rate in the world, opened up in the later part of January when, in connection with Europe opposition to a non-consensual takeover of Greenland, the United States announced its intention on January 17 to impose additional tariffs (10% immediately and 25% in July) on eight European countries. This was followed by talk that individual Europe countries might sell their holdings of US Treasury bonds on the open market, which could be expected to put upward pressure on US interest rates. Private investors in several countries, such as pension funds, have indicated they have been lightening their holdings of US government debt due to concerns about US government deficits. (The United States president backtracked on the tariffs threat on January 22, saying the framework of a deal had been reached, although it was not clear to WCO what it meant for United States moves regarding its Greenland takeover intentions.)

Japan yen and South Korea won 2025 and Jan 2026

(World Currency Observer will next be updated on February 17, 2026. Visit Search to look at past issues of World Currency Observer (brochure edition). For permission-to-quote enquiries, e-mail World Currency Observer at WCO@briargreen.com.)