FX Rolling Performance Review

Currency Fair-Value Ranking

Currencies ranked by current deviation from fair value (positive = overvalued vs USD). Click any row to see the time series.

Source: Quantitative Investment Office, Open Exchange Rates

ISO currency code, quoted as ISO/USD — the value of 1 unit of that currency in US dollars.ValuationWhether the currency is over- or undervalued vs. fair value. Descriptive only, not a recommendation.SpotThe most recently observed market exchange rate for this currency pair.Fair valueModel-implied equilibrium rate from macro (growth, inflation), market (rates) fundamentals and a latent factor.% gap between spot and fair value. Positive = overvalued; negative = undervalued.The average deviation between spot and fair value over the trailing 12 months, for context on whether the current gap is unusually wide or narrow.One standard deviation of the historical spot–fair value deviation, showing the typical range of fluctuation the current deviation can be compared against.A measure of the estimation uncertainty around the fair value figure itself — reflecting data quality, parameter stability and model confidence, not market volatility.Share of future FX variation explained by fundamentals, based on historical backtests (12m horizon).
JPYJapanese Yenundervalued0.00620.0079-23.8%-24.3%14.6%13.3%1%
INRIndian Rupeeundervalued0.01050.0125-17.3%-20.2%7.4%7.8%2%
IDRIndonesian Rupiahundervalued0.00010.0001-15.4%-14.9%7.1%2.5%2%
DKKDanish Kroneneutral0.15500.1743-11.8%-9.4%14.0%8.6%14%
PHPPhilippine Pesoneutral0.01610.0177-9.8%-13.9%11.0%4.4%5%
CADCanadian Dollarneutral0.71880.7681-6.6%-7.9%12.0%5.3%5%
TWDTaiwan Dollarneutral0.03160.0331-4.7%-1.6%8.3%9.3%1%
RUBRussian Rubleneutral0.01160.0120-3.0%-9.4%17.8%10.1%7%
THBThai Bahtneutral0.03020.0309-2.4%-3.2%6.8%3.2%21%
CHFSwiss Francneutral1.23541.2628-2.2%-1.4%10.1%6.3%11%
NZDNew Zealand Dollarneutral0.59120.5923-0.2%-0.2%13.5%5.6%18%
AUDAustralian Dollarneutral0.71670.69573.0%4.9%11.6%2.6%23%
EUREuroneutral1.15851.11893.5%2.0%12.1%4.7%17%
CNYChinese Yuanovervalued0.14860.14264.2%2.1%4.1%2.9%11%
BRLBrazilian Realneutral0.19250.18374.7%3.2%18.9%4.8%6%
KRWSouth Korean Wonneutral0.00070.00075.0%3.6%11.3%3.7%15%
CZKCzech Korunaneutral0.04800.04565.1%5.9%14.7%7.2%4%
HKDHong Kong Dollarneutral0.12750.12065.6%8.3%11.4%7.6%1%
CLPChilean Pesoneutral0.00110.00106.1%1.5%9.6%1.8%17%
NOKNorwegian Kroneneutral0.10670.10026.3%5.0%12.9%7.9%3%
SEKSwedish Kronaneutral0.10420.09786.4%6.1%12.9%4.5%12%
MYRMalaysian Ringgitneutral0.24840.23196.9%5.6%9.1%2.6%4%
HUFHungarian Forintneutral0.00320.00307.1%7.8%18.2%14.4%3%
GBPBritish Poundovervalued1.35351.23309.3%8.7%8.3%3.5%9%
SGDSingapore Dollarovervalued0.78470.707710.3%9.4%6.5%6.2%11%
TRYTurkish Liraneutral0.02070.017815.0%8.0%17.8%16.2%2%
COPColombian Pesoovervalued0.00030.000315.9%7.6%15.1%11.5%3%
ILSIsraeli Shekelovervalued0.33600.281617.6%18.9%6.5%2.2%6%
ZARSouth African Randovervalued0.06180.050320.7%19.2%12.8%4.4%17%
MXNMexican Pesoovervalued0.05870.046024.5%23.8%11.5%6.5%1%
RONRomanian Leuovervalued0.22040.171025.4%18.0%14.0%13.2%1%

Source: Quantitative Investment Office, Open Exchange Rates