Was that move large or small for this pair?
A single-day move in a major pair only means something once it is set against what is normal for that pair. This page expresses a move as a multiple of its typical day, the standard deviation of recent daily changes.
Read the latest analysis See AUD/USD's largest one-day move of September 2026Typical day by pair, until the checker is live
The checker that will divide a move by a pair's typical day and return the multiple directly is not built yet.
A pair's typical day is the standard deviation of its daily changes over the previous 20 ECB fixings, expressed in pips. Until the checker exists, these are the figures to set a move against by hand, as calculated over the 20 ECB fixings to 6 October 2026.
| Pair | Typical day |
|---|---|
| EUR/USD | 36 pips |
| GBP/USD | 41 pips |
| USD/JPY | 80 pips |
| USD/CHF | 36 pips |
| AUD/USD | 22 pips |
| USD/CAD | 24 pips |
| EUR/GBP | 16 pips |
| EUR/JPY | 78 pips |
A move divided by the typical day for that pair gives the normal-day multiple. A move of 72 pips in USD/JPY, for instance, sits at a multiple of 0.9 against the figure above, while the same move in EUR/GBP would be a multiple of 4.5.
These figures are our own calculation from European Central Bank reference rates. They move with every new fixing, so a figure read today will already be behind the 20 fixings it was built on.
How a typical day is worked out
What a typical day is
A pair's typical day is the standard deviation of its daily changes over the previous 20 ECB fixings, expressed in pips. It is a measure of how much that pair usually moves from one fixing to the next.
Over the 20 ECB fixings to 6 October 2026, a typical day for EUR/USD was about 36 pips, and for USD/JPY it was about 80 pips. Both figures are our own calculation from European Central Bank reference rates. They can contain errors, and because the 20-fixing window moves forward each trading day, both are already out of date.
What the normal-day multiple shows
A one-day change is the simple percentage change from the previous ECB fixing. The normal-day multiple sets that day's move against the typical day calculated over the same pair's previous 20 fixings. A move of one typical day's size scores a multiple of 1. A move twice as large scores 2, and so on.
The window is always the 20 fixings immediately before the move being measured. That keeps the comparison current to recent conditions for that pair.
Where the underlying rate comes from
Every typical day and every normal-day multiple on this page is built from European Central Bank reference rates, set at approximately 14:10 CET and published at approximately 16:00 CET on each trading day. The ECB sets these rates for information purposes, not for transacting, so the figure for any date is never a dealing price, and it is already out of date by the time it is read.