The euro: two years against four currencies
For a European investor, every holding outside the euro carries a currency bet. This report shows how the euro has moved against the dollar, the franc, the pound and the yen, how far each rate has travelled within its two-year range and how volatile each pair has been.
Edition of 10 October 2026 · data up to 9 Oct 2026 · General Assets Research Group
Key findings
- 01
One euro bought 1.1206 US dollars, 0.9313 Swiss francs, 0.8476 pounds and 177.34 yen on 9 Oct 2026 (ECB reference rates).
- 02
Over twelve months the euro lost against the US dollar and pound sterling; was little changed against the Swiss franc and Japanese yen: USD −3.5%, CHF +0.0%, GBP −2.4%, JPY −0.0%.
- 03
Over the past month: USD −3.8%, CHF −1.0%, GBP −1.3%, JPY −0.7%. A positive figure means a stronger euro.
- 04
Against the dollar the euro traded between 1.0198 (13 Jan 2025) and 1.1974 (28 Jan 2026) in two years; today it sits at 57% of that range.
- 05
The steadiest pair over the past year was EUR/GBP (annualised volatility 3.3%), the most volatile EUR/JPY (6.6%). The largest one-day move in EUR/USD was +1.28% on 8 Apr 2026.
The euro against four currencies
| Pair | Rate | 1 month | 3 months | 1 year | Volatility, 1 year |
|---|---|---|---|---|---|
| EUR/USDUS dollar | 1.1206 | −3.8% | −2.0% | −3.5% | 5.5% |
| EUR/CHFSwiss franc | 0.9313 | −1.0% | +1.0% | +0.0% | 3.8% |
| EUR/GBPpound sterling | 0.8476 | −1.3% | −0.5% | −2.4% | 3.3% |
| EUR/JPYJapanese yen | 177.34 | −0.7% | −4.2% | −0.0% | 6.6% |
Two years, rebased
Value of one euro in each currency, start of the period = 100. Above 100 = stronger euro.
Where each rate sits in its two-year range
Low to high, with today's rate marked
Volatility
How much each rate moves: the annualised standard deviation of daily changes over the past year. Higher means a bumpier ride for anyone holding assets in that currency.
Annualised volatility, past year
Per cent
EUR/USD, daily
ECB reference rate, two years
What we watch next
- 28 October 2026 — FOMC meeting, decision.
- 29 October 2026 — ECB Governing Council monetary policy meeting.
- 5 November 2026 — Bank of England, Bank Rate decision with Monetary Policy Report.
- 9 December 2026 — FOMC meeting, decision with Summary of Economic Projections.
- The interest-rate gap between the Fed and the ECB (see the central-banks report): it is one of the main forces on EUR/USD.
- EUR/CHF: the SNB has said it is willing to act in the currency market if needed; its decisions and statements move the franc.
- Questions for investors: how much of what you own is in a currency other than the one you spend? Are your funds' foreign holdings currency-hedged, and what does the hedge cost?
These are the dates and figures our research team follows, not predictions of what they will show and not advice on what to do. General Assets Research Group gives no investment recommendations.
Method
ECB euro foreign exchange reference rates, set daily at around 14:15 CET on business days; they are for information and are not the rates at which banks deal. Changes compare the latest rate with the rate on or before the date 1, 3 and 12 months earlier. Volatility: standard deviation of daily log changes over the past year, multiplied by the square root of 255. Computed by us.
Sources
- ECB, euro foreign exchange reference rates — data.ecb.europa.eu
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