Forex Movers: Swiss Franc Leads YTD, Aussie Dollar Dominates in September

Currency markets have delivered two different stories this year. On the one hand, safe-haven favorites still dominate the 2025 leaderboard. On the other, September has opened with a rotation into higher-yielding commodity currencies.

Year-to-Date (YTD): Swiss Franc and Euro Shine

Measured against the U.S. dollar, the Swiss franc (CHF) is up a striking +14.34% YTD, making it the best-performing major. Its strength underlines the market’s continued appetite for safe-haven assets during bouts of global uncertainty.

Not far behind, the euro (EUR) has climbed +13.69%, supported by firmer growth expectations and reduced political risk in the bloc. The British pound (GBP) is holding steady with +8.77%, showing resilience despite rate debates and slower U.K. growth momentum.

Further down, the Australian dollar (AUD) at +7.67% and Japanese yen (JPY) at +6.87% highlight that risk currencies and defensive currencies have both played a role this year. The Canadian dollar (CAD) lags the field at +4.42%, reflecting weaker oil trends and slower domestic growth.

Month-to-Date (MTD): Aussie and Kiwi Step Forward

Zooming in on September, the tone shifts. The Australian dollar (AUD) leads with +1.96% MTD, followed by the New Zealand dollar (NZD) +1.17%. This reflects renewed risk appetite, helped by rising commodity demand and relative optimism on Asia-Pacific growth.

The Swiss franc (CHF), strong all year, is still positive at +0.80%, though far from its YTD dominance. The euro (EUR) and pound (GBP) are modest gainers, both up less than 1%.

At the bottom, the Japanese yen (JPY -0.11%) and Canadian dollar (CAD -0.26%) have slipped, highlighting investor hesitation toward lower-yielding or commodity-tied plays in this month’s early trading.

What It Means to Currency Investors and Traders

• YTD theme: Investors leaned on safe-havens (CHF, EUR, JPY) amid global uncertainty, while commodity currencies played catch-up.

• MTD twist: In September, the spotlight is on Aussie and Kiwi, suggesting risk appetite is staging a short-term comeback.

• USD context: The U.S. dollar has been the benchmark underperformer on both horizons, emphasizing how shifts in global monetary policy and capital flows continue to erode its edge.

So, it seems that safe-havens are still the story of 2025 so far, but early September shows traders are rotating toward commodity currencies like the Aussie and Kiwi. Whether this is the start of a trend or just a short-lived bounce will depend on global risk appetite, commodity demand, and central bank cues.

This is not financial advice. For more currency insights and real-time updates, visit investingLive.com, formerly ForexLive.com