Representative Image
A recent study, conducted by The Forex Complex, identifies the countries most anxious about foreign exchange using Google search data and macroeconomic indicators. Average monthly search numbers for forex-related terms (“forex rate,” “exchange rate today,” “live currency rates”) were normalized per 100K residents to reflect public interest. Supplementary context was provided by calculating each country’s foreign exchange reserves and foreign debt as percentages of GDP. Countries were ranked primarily by search intensity.
As U.S. interest rates and the dollar change, it’s important to see which countries are feeling the most pressure about their currencies. The Forex Complex conducted a study to identify the countries most anxious about foreign exchange. Average monthly search numbers for forex-related terms (“forex rate,” “exchange rate today,” “live currency rates”) were normalised per 100K residents to reflect public interest. Additional context was provided by calculating each country’s foreign exchange reserves and foreign debt as percentages of GDP. Countries were ranked primarily by search intensity.
A spokesperson from The Forex Complex commented on the study: “An increase in public searches around currency exchange rates often signals broader financial anxiety. Similar patterns were observed during the 2007 financial crisis, when public concern rose sharply ahead of the most severe market impacts. This behavior is not always a reflection of actual economic instability. Rather, it reflects how local communities perceive economic signals. The findings show that even countries with strong fundamentals can experience heightened concern, particularly where foreign transactions or remittances are part of daily life.”
| Country | Inflation Rate | Foreign Exchange Reserves % of GDP | Foreign Debt as a % of GDP | Searches per 100k people |
| United Arab Emirates | 3.15% | 46.25% | 87.00% | 385,026.44 |
| United Kingdom | 2.60% | 5.56% | 311.11% | 141,163.80 |
| Canada | 2.30% | 5.88% | 155.24% | 120,958.37 |
| Hong Kong | 1.40% | 108.43% | 501.78% | 91,748.65 |
| Portugal | 1.90% | 14.63% | 166.53% | 90,669.91 |
| Netherlands | 3.80% | 7.18% | 388.95% | 84,484.40 |
| Germany | 2.20% | 8.90% | 161.76% | 67,081.83 |
| Italy | 1.90% | 13.33% | 131.75% | 64,823.20 |
| Australia | 2.40% | 6.09% | 97.95% | 63,908.15 |
| Finland | 0.50% | 6.10% | 218.44% | 58,778.35 |
The UAE takes the top spot as the country most anxious about Forex, with 385,026 searches per 100K people, far surpassing any other country in the study. Inflation is moderate at 3.15%, and foreign reserves are strong at 46.25% of GDP. The country’s foreign debt is also high at 87%. A big driver here may be the UAE’s expat-heavy population, many of whom send money abroad and keep a close eye on exchange rates daily.
The UK takes second place, showing 141,164 searches. The UK has one of the highest foreign debt ratios on this list at 311% of GDP and tiny reserves at 5.56%. Brits might not be watching forex every hour, but a lot of them clearly want to know where the pound stands.
Canada takes third place, with 120,958 searches. That’s not far behind the UK, even though Canada’s foreign debt is about half as high at 155% of GDP. Reserves are similarly low (5.88%), and inflation is stable at 2.30%. The numbers suggest Canadians are paying close attention to currency shifts, even if the economic backdrop looks more stable on paper.
Ranking fourth, Hong Kong shows 91,749 searches. That’s a sharp drop compared to Canada, despite having the highest foreign debt in the group at 502% of GDP. It also holds the strongest reserve position so far with 108.43% of GDP and has low inflation at 1.40%. The lower level of search activity could reflect public confidence in the region’s financial systems.
Portugal slides into fifth with 90,670 searches, just behind Hong Kong. Its foreign reserves make up 14.63% of GDP, debt is at 166.53%, and inflation comes in at 1.9%. Compared to Hong Kong, Portugal’s numbers aren’t as extreme, but people are searching just as often. That could reflect ongoing worries tied to the eurozone and memories of past financial stress.
The Netherlands places sixth, registering 84,484 searches. Debt is very high at 388.95 percent of GDP, and inflation, at 3.80 percent. is the highest among the top ten. With reserves at just 7.18%, the conditions are ripe for concern. The Dutch public appears highly alert to economic signals, even though their search activity is slightly lower than Portugal’s.
Germany follows in seventh, showing 67,082 queries. It shares some economic DNA with the Netherlands, debt at 161.76%, reserves at 8.90%, but inflation is lower at 2.2%. Compared with the Netherlands, Germans seem less dialed into forex, even with similar economic conditions.
Italy ranks eighth, with 64,823 searches, just a touch below Germany. The debt figure here is 131.75%, reserves are higher reaching 13.33%, and inflation is the same as Portugal at 1.90%. It’s a similar story to Germany’s: not much in the way of spikes or stress indicators, but still enough attention to keep it in the top ten.
Ninth place goes to Australia, with 63,908 searches, similar to Italy and Germany, but with a different economic mix. Debt is comparatively low at 97.95 percent of GDP, inflation is 2.40 percent, and reserves are at 6.09 percent.
Finland rounds out the top ten at 58,778 searches. It has one of the highest debt levels at 218.44% of GDP but also the lowest inflation rate at just 0.5%. There’s a kind of quiet confidence in Finland’s data, debt or no debt, low inflation may be calming public nerves.
