The Best and Worst Performing Currency Pairs in January 2024

With economic and geopolitical concerns picking up once again in January (yes, it does feel like it’s chopping and changing every month), the USD made the most substantial gains and features heavily in the January 2024 list. Meanwhile, the GBP had a solid month.

USDJPY +4.71%

The yen strength seen in November and December didn’t last too long, with the USDJPY rising over 4% in January, climbing above 148.00.
Strong economic indicators and a rise in geopolitical concerns boosted the USD.
During the month, the BoJ kept investors in the dark regarding the potential scrapping of its ultra-loose monetary policy.
Looking at the charts, the start of February has seen the USDJPY pull back slightly.

GBPJPY +4.31%

Surprisingly, in January, the GBP remained resilient against the US dollar and made gains against some other major currencies, including the yen.
In its latest rate decision, the BoE held rates steady and said it requires more evidence that inflation would continue falling before any potential rate cuts.
Looking at the chart, the GBPJPY is steadily approaching its 2015 highs. Whether it can get there is another question.

GBPAUD +3.70%

The GBP pops up once again on the list, this time gaining over 3% against the Australian dollar during January.
The pair touched a high of 1.9417 during the month before a period of consolidation.
The Aussie dollar was impacted by weaker-than-expected consumer confidence.
With the inflation rate in Australia falling, investors are hoping that rate cuts could soon be on the table.

AUDUSD -3.14%

Given the strengths and weaknesses listed above, it’s no surprise that the AUDUSD makes it onto the list.
The pair fell as low as 0.6525 during the month after rising through November and December.
However, the first day of February has been more favorable for the Australian dollar against the USD after an initial dip to 0.6508.

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