Movable signals have emerged as a third approach to enable smart radio environments (SREs), complementing reconfigurable intelligent surfaces (RISs) and flexible antennas. This paper investigates their potential to enhance multi-user wireless systems. Focusing on two-user systems, we characterize the capacity regions of the multiple access channel (MAC) and broadcast channel (BC). Interestingly, movable signals can dynamically adjust the operating frequency to orthogonalize the user channels, thereby significantly expanding the capacity regions. We also study frequency optimization, constraining it in a limited frequency range, and show that movable signals provide up to 45% sum rate gain over fixed signals.