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). | |
|---|---|---|---|---|---|---|---|---|---|
| JPY | Japanese Yen | undervalued | 0.0063 | 0.0079 | -22.7% | -23.2% | 14.6% | 13.3% | 1% |
| INR | Indian Rupee | undervalued | 0.0105 | 0.0125 | -16.8% | -19.7% | 7.4% | 7.8% | 2% |
| IDR | Indonesian Rupiah | undervalued | 0.0001 | 0.0001 | -16.3% | -15.8% | 7.1% | 2.5% | 2% |
| DKK | Danish Krone | undervalued | 0.1498 | 0.1743 | -15.2% | -12.8% | 14.0% | 8.6% | 14% |
| PHP | Philippine Peso | neutral | 0.0159 | 0.0177 | -10.6% | -14.7% | 11.0% | 4.4% | 5% |
| CAD | Canadian Dollar | neutral | 0.7034 | 0.7681 | -8.8% | -10.0% | 12.0% | 5.3% | 5% |
| TWD | Taiwan Dollar | neutral | 0.0311 | 0.0331 | -6.5% | -3.4% | 8.3% | 9.3% | 1% |
| NZD | New Zealand Dollar | neutral | 0.5615 | 0.5923 | -5.3% | -5.4% | 13.5% | 5.6% | 18% |
| CHF | Swiss Franc | neutral | 1.2010 | 1.2628 | -5.0% | -4.2% | 10.1% | 6.3% | 11% |
| THB | Thai Baht | neutral | 0.0298 | 0.0309 | -3.7% | -4.5% | 6.8% | 3.2% | 21% |
| RUB | Russian Ruble | neutral | 0.0119 | 0.0120 | -0.8% | -7.2% | 17.8% | 10.1% | 7% |
| EUR | Euro | neutral | 1.1196 | 1.1189 | 0.1% | -1.5% | 12.1% | 4.7% | 17% |
| AUD | Australian Dollar | neutral | 0.6983 | 0.6957 | 0.4% | 2.3% | 11.6% | 2.6% | 23% |
| CZK | Czech Koruna | neutral | 0.0460 | 0.0456 | 0.8% | 1.6% | 14.7% | 7.2% | 4% |
| CLP | Chilean Peso | neutral | 0.0010 | 0.0010 | 1.0% | -3.6% | 9.6% | 1.8% | 17% |
| SEK | Swedish Krona | neutral | 0.1003 | 0.0978 | 2.5% | 2.3% | 12.9% | 4.5% | 12% |
| HUF | Hungarian Forint | neutral | 0.0031 | 0.0030 | 4.0% | 4.6% | 18.2% | 14.4% | 3% |
| CNY | Chinese Yuan | overvalued | 0.1494 | 0.1426 | 4.7% | 2.6% | 4.1% | 2.9% | 11% |
| NOK | Norwegian Krone | neutral | 0.1050 | 0.1002 | 4.7% | 3.5% | 12.9% | 7.9% | 3% |
| MYR | Malaysian Ringgit | neutral | 0.2442 | 0.2319 | 5.2% | 3.9% | 9.1% | 2.6% | 4% |
| HKD | Hong Kong Dollar | neutral | 0.1274 | 0.1206 | 5.5% | 8.2% | 11.4% | 7.6% | 1% |
| GBP | British Pound | neutral | 1.3251 | 1.2330 | 7.2% | 6.6% | 8.3% | 3.5% | 9% |
| KRW | South Korean Won | neutral | 0.0007 | 0.0007 | 7.7% | 6.2% | 11.3% | 3.7% | 15% |
| BRL | Brazilian Real | neutral | 0.2001 | 0.1837 | 8.5% | 7.0% | 18.9% | 4.8% | 6% |
| SGD | Singapore Dollar | overvalued | 0.7813 | 0.7077 | 9.9% | 9.0% | 6.5% | 6.2% | 11% |
| TRY | Turkish Lira | neutral | 0.0203 | 0.0178 | 12.7% | 5.7% | 17.8% | 16.2% | 2% |
| ILS | Israeli Shekel | overvalued | 0.3251 | 0.2816 | 14.4% | 15.6% | 6.5% | 2.2% | 6% |
| COP | Colombian Peso | overvalued | 0.0003 | 0.0003 | 15.5% | 7.2% | 15.1% | 11.5% | 3% |
| MXN | Mexican Peso | overvalued | 0.0545 | 0.0460 | 17.1% | 16.4% | 11.5% | 6.5% | 1% |
| ZAR | South African Rand | overvalued | 0.0606 | 0.0503 | 18.7% | 17.2% | 12.8% | 4.4% | 17% |
| RON | Romanian Leu | overvalued | 0.2096 | 0.1710 | 20.4% | 13.0% | 14.0% | 13.2% | 1% |