The Best and Worst Performing Currency Pairs in January 2024

Nick Ranga

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%

usdjpy forex chart february 2024

  • 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%

gbpjpy forex chart february 2024

  • 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%

gbpaud forex chart february 2024

  • 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%

audusd forex chart february 2024

  • 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.

Don’t Trade Before you see this!

We consulted our team of experts and put together 10 tips to help improve your trading.

These tips could help make you a better trader – and we’re giving them away for free!

Click here to get your copy


People also Read:


Trade Forex with our top brokers

Broker Features Regulator Platforms Next Step
Number One Broker tickmill_logo-174% of retail CFD accounts lose money Founded: 2014
74% of retail C...
  • Well regulated
  • Ultra-fast and high leverage trading
  • Spreads as low as 0.0 pips
  • Comprehensive research tools
  • Relatively limited number of markets
  • Does not accept US traders
FSA SC MT4, MT5
Blackbull LogoYour capital is at risk Founded: 2014
  • User-friendly platform with great trade-analysis tools
  • Leverage Up To 1:500
  • Spreads as low as 0.00 pips
  • Quality trade execution thanks to high-spec IT infrastructure
  • $0 minimum account opening balance
  • 26,000 tradeable instruments
  • Not available in all jurisdictions
  • Regulatory infrastructure
FSPR MT4
Your capital is at risk Founded: 2006
Europe* CFDs ar...
  • Multi-asset broker offering a wide variety of markets
  • Strong regulatory framework
  • Innovative risk management tools
  • Choice of market-leading platforms
  • Wide spreads on some markets
  • Expiry date on Demo Accounts
ASIC, FSA, FSB, MiFID MetaTrader4, Sirix, AvaOptions, AvaTrader, Mirror Trader
Between 74-89% of CFD traders lose Founded: 2010
Between 74-89 % of retail investor accounts lose money when trading CFDs
  • Low trading costs
  • Great market flow
  • Research and analysis which helps spot trades
  • Wide range of Copy and Social Trading options
  • Limited range of non-forex markets
ASIC, FCA MetaTrader 4, MetaTrader 5, cTrader
eToro Logo77% of CFD traders lose Founded: 2007
77 % of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
  • Social and Copy Trading Platform
  • Beginner Friendly
  • Risk-free Demo Account
  • Top-tier regulation
  • Limited means of raising queries
  • Withdrawal process isn’t really ‘client-focused’
ASIC, CySEC, FCA eToro Platform
XM LogoYour capital is at risk Founded: 2009, 2015, 2017
  • Low minimum deposit
  • Super- tight bid-offer spreads
  • Impressive trading platforms
  • Tier-1 regulators
  • Difficult to contact tech support
  • No Crypto
ASIC, CySEC, IFSC MT4 Terminal, MT4 for Mac, Web Trader, iPhone/iPad Trader, Droid Trader, Mobile Trader, MT5
FxPro LogoYour capital is at risk Founded: 2006
  • Very well regulated
  • Comprehensive education section
  • Fantastic customer service
  • No cryptocurrencies
  • Fees could be more competetive
CySEC, DFSA, FCA, FSB, SIA MetaTrader4, MetaTrader5, cTrader, FxPro Edge (Beta)

    Risk Statement: Trading Foreign Exchange on margin carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit. The high degree of leverage can work against you as well as for you.

    Nick Ranga
    Forex.com logo74% of clients lose money. Capital at risk.

    - Trusted Global Market Leader
    - Online FX & CFD Trading
    - 180+  Global Markets, 84 FX pairs, 65 shares, 17 popular indices and more
    - Forex, Indices, Commodities, Equities & Bitcoin
    - Available to US traders

    Oanda Logo77% of retail CFD accounts lose money Your capital is...
    • Choose from four high-quality platforms.
    • Good trading conditions with fast execution speeds
    • Excellent research and analysis
    • Strong client protection
    • Winner of Most Popular Broker award for three consecutive years.
    • Fees and commissions are inline rather than market-leading.
    • Satisfactory rather than impressive range of instruments.
    eToro LogoYour capital is at risk

    - Trade 15 cryptocurrencies
    - Beginner friendly