From the strongest to the weakest major currencies (2023)
As 2023 draws to a close, the Swiss Franc is ending the day as the strongest of the major currencies, while the Japanese Yen is the weakest. The Swiss franc benefited from the flight to safety caused by the US banking crisis and global tensions, and fell from around USD 0.9100 to USD 0.8332 at the end of the year, as the Swiss central bank continued to sell foreign currencies to curb imported inflation. plummeted to. USDCHF fell -8.94% year-on-year (stronger Swiss franc). EURCHF fell -6.10% (Swiss Franc appreciated). CHFJPY rose 18.2% against the Swiss franc, making it the most volatile currency of the trading year.
The Japanese yen was the cheapest. It is enough to look at central bank policy, as the Bank of Japan left interest rates unchanged in 2023 while other central banks implemented aggressive monetary tightening policies until the end of the year.
The dollar ended the year mostly lower, thanks to a fall in the second half of the year on expectations that the Fed would stop tightening and lower interest rates in 2024. The dollar only appreciated against the yen (7.58%). It also rose slightly by 0.43% against the New Zealand dollar. Against the Australian dollar, the Australian dollar and US dollar ended the year almost unchanged. The dollar fell the most against the Swiss franc (-8.94%), the pound (-5.34%) and the euro (-3.16%).