FX.co ★ Strongest currencies of 2019

Summing up the results of 2019, financial market participants announced the list of the world’s strongest currencies. According to this list, the currencies of the emerging markets are at the top. However, the major currencies do not lag far behind. Thus, the Russian ruble showed nearly its best dynamics. At the beginning of 2019, the ruble to dollar exchange rate was about ₽71 for $1 while it came at ₽61 for a dollar at the end of the year. The high yield of the Russian national debt, the smart policy of the central bank, and the rising oil prices contributed to the ruble’s strength. The Egyptian pound also significantly strengthened against the dollar as tourism and natural gas extraction in the country improved. Meanwhile, the Japanese yen, one of the world’s major currencies, was unstable at the beginning of last year. However, it subsequently managed to regain losses and assert strength. Despite the decade of negative interest rates, deflation and stagnation of the economy, the safe haven status is the key reason behind a stronger yen. The Ukrainian hryvnia and the Canadian dollar are also worth mentioning. These currencies closed the year with the highest gains compared to other currencies. Thus, the Ukrainian hryvnia showed an unprecedented dynamic. It strengthened against the US dollar by almost 15%. Meanwhile, the loonie finished the year at elevated levels.