The Best and Worst Performing Currency Pairs in March 2023

Nick Ranga

The Best and Worst Performing Currency Pairs in March 2023

With risk sentiment somewhat mixed in March due to the banking uncertainty following the collapse of SVB, the euro made strong gains during the month, while the Australian dollar declined against safe haven currencies.

EURRUB +5.95%

EURRUB march 2023

  • The Russian ruble significantly weakened against the euro, making it onto the list for the second month in a row.
  • The RUB weakened against all of the other major currencies during March as the impact of the cost of its invasion of Ukraine and falling energy revenues took a toll on its economy.
  • As mentioned last month, with the euro somewhat of a safe haven currency compared to many others, it gains against riskier currencies during times of uncertainty.
  • The EURRUB closed February at 79.2040, while it closed March at 84.5630.

EURTRY +4.19%

EURTRY march 2023

  • The euro continues rising against the Turkish Lira in a run that started in December 2022.
  • The Turkish central bank recently cut interest rates in an effort to boost the economy following the devastating earthquake in the country.
  • Meanwhile, BofA analysts recently said regardless of who wins the country’s election in May, the Turkish lira will weaken.
  • The euro gained more than 4% against the Turkish lira in March.

AUDCHF -3.56%

AUDCHF march 2023

  • The Australian dollar declined against safe haven currencies during the month.
  • With Australia’s annual inflation rate recently easing, expectations are that the country’s central bank will keep rates unchanged in its rate decision this week.
  • The Australian dollar fell more than 3% against the Swiss franc in March.

AUDJPY +3.24%

AUDJPY march 2023

  • The move in the Australian dollar against the Japanese yen was similar to its CHF counterpart, with the pair falling over 3% last month.
  • While Japan has maintained its low rate policy, there is talk that incoming BoJ governor Kazuo Ueda could change that policy.
  • The AUDJPY closed in March at 88.73.

People also Read:

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 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