The Brazilian real was the most volatile of the 17 currencies in FX Recap's Currency Volatility Index over the 12 months to 30 October 2026, with annualised volatility of 11.6% against the US dollar. It also produced the index's biggest single week: a fall of 7.4% in the week to 30 October 2026.

At the other end of the table, the Turkish lira barely moved from week to week, yet it lost 15.8% against the dollar over the year.

The index measures how much each currency swings against the US dollar, using weekly European Central Bank reference rates from 31 October 2025 to 30 October 2026, crossed into dollars. Volatility here is the annualised standard deviation of weekly changes: the higher the number, the bigger and more frequent the moves.

Most volatileBrazilian real, 11.6% a year
Biggest one-week moveBrazilian real, −7.4% in the week to 30 October 2026
Biggest 12-month fallTurkish lira, −15.8% against the dollar
Least volatileHong Kong dollar, 0.4% (pegged to the US dollar)

The table: volatility and 12-month change

CurrencyAnnualised volatilityChange against USD, 12 monthsLargest weekly move
Brazilian real11.6%−0.9%−7.4%
South African rand10.1%+4%−4.8%
South Korean won9.6%+7%−3.3%
Mexican peso8.8%−1.9%−3.5%
Australian dollar7.7%+7.4%+2.9%
Japanese yen7.5%−2%+2.6%
Thai baht6.6%−4.2%−2.8%
Philippine peso5.7%−7.8%−2.7%
Malaysian ringgit5.7%+3.2%−1.9%
Indian rupee5.6%−6.6%+1.8%
British pound5.5%+2.2%−1.9%
Euro5.5%−3.3%−2.1%
Indonesian rupiah4.2%−8.2%+1.6%
Singapore dollar3.3%+1.8%−1.2%
Chinese yuan1.9%+7%+1%
Turkish lira0.9%−15.8%−0.7%
Hong Kong dollar0.4%−1%−0.2%
Volatility against the US dollar, 12 monthsannualised volatility12-month changeBrazilian real11.6%−0.9%South African rand10.1%+4%South Korean won9.6%+7%Mexican peso8.8%−1.9%Australian dollar7.7%+7.4%Japanese yen7.5%−2%Thai baht6.6%−4.2%Philippine peso5.7%−7.8%Malaysian ringgit5.7%+3.2%Indian rupee5.6%−6.6%British pound5.5%+2.2%Euro5.5%−3.3%Indonesian rupiah4.2%−8.2%Singapore dollar3.3%+1.8%Chinese yuan1.9%+7%Turkish lira0.9%−15.8%Hong Kong dollar0.4%−1%Currency volatility ranking · FX Recap index from ECB reference rates
Emerging-market currencies swung most; the lira fell furthest with very low volatility.

A plus sign means the currency gained against the dollar; a minus sign means it lost ground. The largest weekly move is the biggest change between two consecutive Friday reference rates.

Emerging markets swing hardest

Four emerging-market currencies lead the table: the real (11.6%), the South African rand (10.1%), the South Korean won (9.6%) and the Mexican peso (8.8%). That is between 1.6 and 2.1 times the volatility of the euro (5.5%) and the pound (5.5%). Currencies of commodity exporters and economies with large capital flows tend to react hardest when global risk appetite shifts.

Volatility is not the same as direction. The rand finished the year +4% against the dollar and the won +7%, both stronger, while the real ended almost flat at −0.9% despite its swings. For traders, high volatility mostly means wider ranges, bigger stop distances and larger gaps around news.

The quiet fallers: lira, rupiah, peso and rupee

The biggest losers were not the most volatile currencies. The Turkish lira had volatility of just 0.9%, lower than any major currency in the table, yet fell 15.8%. A managed currency can slide in small, steady steps that never register as a big weekly move. The Indonesian rupiah (−8.2%), the Philippine peso (−7.8%) and the Indian rupee (−6.6%) also weakened with below-average volatility.

The strongest performers were the Australian dollar (+7.4%), the South Korean won (+7%) and the Chinese yuan (+7%). The yuan did it with volatility of only 1.9%, which reflects how closely its daily range is managed.

What the numbers mean for traders

  • Size by volatility, not by habit. A position in USD/BRL carries more than twice the swing of the same position in EUR/USD. Halving size keeps the risk similar.
  • Low volatility is not low risk. The lira shows that a steady trend can cost more than a volatile currency that goes nowhere. Swap costs and carry matter as much as swings.
  • Watch the outliers. A 7.4% week in the real is more than four times its typical weekly swing of about 1.6%. Moves like that tend to come with gaps and wider spreads.
  • Majors stay calmer. The yen (7.5%), euro and pound remain the lower-volatility choices for beginners.
Worked example: one risk budget, two currencies

A trader risks $100 per trade. With EUR/USD's volatility of 5.5%, a 50-pip stop on 0.2 lots fits that budget. In a currency with twice the volatility, the same chance of being stopped out by ordinary noise needs a stop about twice as wide, 100 pips, so the size halves to 0.1 lots to keep the risk at $100.

The full index, with a downloadable CSV and charts, is on our Currency Volatility Index page. We refresh it at the end of each month. Journalists may use the figures with a link to the page.

Currency markets can move sharply on news, and past volatility does not predict future moves. Leveraged trading carries a high risk of loss. This is data and education, not financial advice.

Source: FX Recap Currency Volatility Index, built from ECB euro foreign exchange reference rates crossed to USD, weekly from 31 October 2025 to 30 October 2026.

Cite this guide

FX Recap, "Currency Volatility Index: Brazil's Real Tops the Table After a 7.4% Weekly Drop, While the Lira Quietly Lost 15.8%", updated 8 November 2026, https://fxrecap.com/forex-news/top-stories/currency-volatility-index-october-2026

Free to quote with a link. Journalists: data and comment in our press room.

Frequently asked

Which currency was the most volatile in the last year?

The Brazilian real, with annualised volatility of 11.6% against the US dollar over the 12 months to 30 October 2026, according to FX Recap's Currency Volatility Index.

Which currency fell the most against the dollar?

The Turkish lira, which lost 15.8% over the 12 months, despite volatility of only 0.9%.

How is the Currency Volatility Index calculated?

From weekly ECB euro reference rates crossed into US dollars: volatility is the annualised standard deviation of weekly percentage changes over 52 weeks.

Which currency was the least volatile?

The Hong Kong dollar, at 0.4%, because it is pegged to the US dollar.

Sources: FX Recap: Currency Volatility Index · ECB: euro foreign exchange reference rates