Reference data

Currency Strength

Which of the eight major currencies gained and which lost against the others, measured on the European Central Bank’s daily reference fixings.

What this is, and is not

It describes what has already happened in published reference rates. It is not a signal, not a forecast and not a recommendation to trade.

A currency that rose over one period may fall over the next. Nothing here measures that.

Read the eight together: each is measured against the other seven. Five fixings is about a week, 21 about a month, 63 about a quarter.

Measured over

Over the last 5 fixings (since 2 Oct 2026), Australian Dollar rose most on average against the other seven and Swiss Franc fell most.

1AUDAustralian Dollarup +0.72%
2GBPBritish Poundup +0.20%
3CADCanadian Dollarup +0.14%
4NZDNew Zealand Dollarup +0.07%
5USDUS Dollarup +0.03%
6EUREurodown −0.17%
7JPYJapanese Yendown −0.39%
8CHFSwiss Francdown −0.58%

Each bar is the currency’s average percentage change against the other seven over the period. Bars are scaled to the largest value shown, so their length compares currencies within a period, not between periods.

The matrix behind the ranking

Read across: each cell is the change of the row currency against the column currency over 5 fixings. The bar above is the average of a row.

Percentage change of each row currency against each column currency over 5 fixings of ECB reference rates
Row currency against column currency	USD	EUR	GBP	JPY	CHF	AUD	CAD	NZD
USD	same currency	up +0.17%	down −0.15%	up +0.37%	up +0.54%	down −0.60%	down −0.09%	down −0.04%
EUR	down −0.17%	same currency	down −0.32%	up +0.20%	up +0.37%	down −0.77%	down −0.26%	down −0.20%
GBP	up +0.15%	up +0.32%	same currency	up +0.52%	up +0.69%	down −0.45%	up +0.05%	up +0.11%
JPY	down −0.37%	down −0.20%	down −0.51%	same currency	up +0.17%	down −0.96%	down −0.46%	down −0.40%
CHF	down −0.53%	down −0.37%	down −0.68%	down −0.17%	same currency	down −1.13%	down −0.63%	down −0.57%
AUD	up +0.60%	up +0.77%	up +0.45%	up +0.97%	up +1.14%	same currency	up +0.51%	up +0.57%
CAD	up +0.09%	up +0.26%	down −0.05%	up +0.46%	up +0.63%	down −0.51%	same currency	up +0.06%
NZD	up +0.04%	up +0.21%	down −0.11%	up +0.40%	up +0.57%	down −0.56%	down −0.06%	same currency

The glyph and the sign carry the direction; the tint only reinforces the size of the change.

Reference dataSource: European Central Bank reference ratesUpdated 9 Oct 2026Once per working day, around 16:00 CET. Daily fixings, not live or tradable prices. One “fixing” is one publication; 5 is about a week, 21 about a month, 63 about a quarter.

Correlation

How the dollar pairs moved together.

Pearson correlation of daily log returns between the seven US dollar pairs over the last 63 fixings. +1.00: the daily changes lined up. −1.00: they mirrored each other. Near zero: unrelated.

Correlation of daily log returns between the seven US dollar pairs, from ECB reference rates
	EUR/USD	GBP/USD	USD/JPY	USD/CHF	AUD/USD	USD/CAD	NZD/USD
EUR/USD	same pair	+0.85	−0.47	−0.62	+0.61	−0.62	+0.73
GBP/USD	+0.85	same pair	−0.43	−0.60	+0.60	−0.61	+0.73
USD/JPY	−0.47	−0.43	same pair	+0.45	−0.29	+0.43	−0.43
USD/CHF	−0.62	−0.60	+0.45	same pair	−0.47	+0.66	−0.71
AUD/USD	+0.61	+0.60	−0.29	−0.47	same pair	−0.54	+0.71
USD/CAD	−0.62	−0.61	+0.43	+0.66	−0.54	same pair	−0.70
NZD/USD	+0.73	+0.73	−0.43	−0.71	+0.71	−0.70	same pair

The sign is in the number; the tint only reinforces its size (accent for positive, grey for negative). Pairs quoted with the dollar as base (USD/JPY, USD/CHF, USD/CAD) tend to show negative values against pairs quoted with the dollar as quote, because the same dollar move has the opposite sign in each.

Reference dataSource: European Central Bank reference ratesUpdated 9 Oct 2026A descriptive statistic over one window. Correlations change, and a past relationship is not a prediction.

Third-party view

The same eight, during the day.

The figures above are GIO4X’s arithmetic on the ECB’s daily reference fixings: one value per working day. The heat map below is TradingView’s intraday market data, so the two will not agree, and neither is a GIO4X price.

Forex heat map: the eight majors against each other

TradingView

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Third partyMarket data by TradingViewThe data, its timing and its accuracy are TradingView’s and may be delayed. These are not GIO4X prices, and not the prices at which GIO4X executes orders. Each cell is the day’s percentage change of the row currency against the column currency, as TradingView calculates it. It is a different measurement from the reference-rate figures on this page.

How it is calculated.

01The sourceThe ECB publishes one euro reference rate per currency each working day. Every other pair is derived as a cross of two of those rates.
02The changeFor each pair, the last fixing is compared with the fixing 1, 5, 21 or 63 publications earlier, as a percentage.
03The strength figureA currency’s figure is the simple average of its change against each of the other seven. It is relative: the eight figures describe each other, not an absolute value.
04The limitsOne fixing a day says nothing about what happened between fixings, and reference rates are not the prices at which anyone traded.

Continue

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USD

EUR

GBP

JPY

CHF

AUD

CAD

NZD

USD

+0.17%

−0.15%

+0.37%

+0.54%

−0.60%

−0.09%

−0.04%

EUR

−0.17%

−0.32%

+0.20%

+0.37%

−0.77%

−0.26%

−0.20%

GBP

+0.15%

+0.32%

+0.52%

+0.69%

−0.45%

+0.05%

+0.11%

JPY

−0.37%

−0.20%

−0.51%

+0.17%

−0.96%

−0.46%

−0.40%

CHF

−0.53%

−0.37%

−0.68%

−0.17%

−1.13%

−0.63%

−0.57%

AUD

+0.60%

+0.77%

+0.45%

+0.97%

+1.14%

+0.51%

+0.57%

CAD

+0.09%

+0.26%

−0.05%

+0.46%

+0.63%

−0.51%

+0.06%

NZD

+0.04%

+0.21%

−0.11%

+0.40%

+0.57%

−0.56%

−0.06%

Correlation of daily log returns between the seven US dollar pairs, from ECB reference rates
	EUR/USD	GBP/USD	USD/JPY	USD/CHF	AUD/USD	USD/CAD	NZD/USD
EUR/USD	same pair	+0.85	−0.47	−0.62	+0.61	−0.62	+0.73
GBP/USD	+0.85	same pair	−0.43	−0.60	+0.60	−0.61	+0.73
USD/JPY	−0.47	−0.43	same pair	+0.45	−0.29	+0.43	−0.43
USD/CHF	−0.62	−0.60	+0.45	same pair	−0.47	+0.66	−0.71
AUD/USD	+0.61	+0.60	−0.29	−0.47	same pair	−0.54	+0.71
USD/CAD	−0.62	−0.61	+0.43	+0.66	−0.54	same pair	−0.70
NZD/USD	+0.73	+0.73	−0.43	−0.71	+0.71	−0.70	same pair

EUR/USD

GBP/USD

USD/JPY

USD/CHF

AUD/USD

USD/CAD

NZD/USD

EUR/USD

+0.85

−0.47

−0.62

+0.61

−0.62

+0.73

GBP/USD

+0.85

−0.43

−0.60

+0.60

−0.61

+0.73

USD/JPY

−0.47

−0.43

+0.45

−0.29

+0.43

−0.43

USD/CHF

−0.62

−0.60

+0.45

−0.47

+0.66

−0.71

AUD/USD

+0.61

+0.60

−0.29

−0.47

−0.54

+0.71

USD/CAD

−0.62

−0.61

+0.43

+0.66

−0.54

−0.70

NZD/USD

+0.73

−0.43

−0.71

+0.71

−0.70

Relative strength

The matrix behind the ranking

How the dollar pairs moved together.

The same eight, during the day.

Forex heat map: the eight majors against each other

How it is calculated.

Relative strength

The matrix behind the ranking

How the dollar pairs moved together.

The same eight, during the day.

Forex heat map: the eight majors against each other

How it is calculated.