FX Markets Trading Reach $9.6 Trillion/Day in April

Trading in foreign exchange (FX) markets reached $9.6 trillion per day in April 2025, up 28% from 2022, according to the 2025 Triennial Central Bank Survey of FX and over-the-counter (OTC) interest rate derivatives markets activity. Trading of OTC interest rate derivatives also rose 59% to $7.9 trillion per day, the survey revealed.

The Triennial Survey is the most comprehensive source of information on the size and structure of global FX and OTC interest rate derivatives markets. It provides a snapshot of market activity in April 2025. Central banks and other authorities in 52 jurisdictions participated, collecting data from more than 1,100 banks and other dealers in their jurisdictions.

The US dollar held its place as the most-traded currency – it was on one side of 89% of all FX trades in April 2025. The euro was the second most actively traded currency, with a share of 28.9%, followed by the Japanese yen at 16.8%.

The share of sterling decreased to 10.2%. Trading in the Chinese renminbi and the Swiss franc increased, with the franc advancing to become the sixth most traded currency, the survey findings said.

The survey showed that FX swaps remained the most traded instrument, with average daily turnover rising to $4 trillion in April 2025 – up 5% from April 2022. Turnover of FX spot increased by 42% and outright forwards rose 60%. Their shares in global turnover increased to 31% and 19%. Swaps and forwards are instruments commonly used in hedging currency risk.

Looking at OTC interest rate derivatives, average daily turnover of contracts denominated in euros nearly doubled to $3.0 trillion in April 2025, reaching 38% of the global total and the turnover of US dollar contracts increased by 7% to $2.4 trillion.

As a result, the global share of US dollar contracts dropped to 31% in April 2025. This stands in contrast to the market for exchange-traded derivatives, where US dollar contracts held 65% in global turnover.

Notable Turnover Increase

Contracts in other major currencies also saw a notable increase in turnover. Turnover in sterling and Japanese yen derivatives soared by 179% and 684%, respectively, and was responsible for a third of the growth in global turnover since 2022. Daily average turnover in sterling contracts reached $939 billion, or 12% of global turnover, while that for the Japanese yen registered $411 billion, or 5.2%.

The Triennial Survey also revealed that FX and interest rate derivatives trading continue to be concentrated in the largest financial centres.

In April 2025, FX sales desks in four locations – the UK, the US, Singapore and Hong Kong SAR – accounted for 75% of foreign exchange trading. The UK remained the most important FX trading location globally, with 38% of total turnover, unchanged from three years earlier.

For interest rate derivatives, sales desks in the UK and the US continued to record the highest turnover, with a combined share of 73% in April 2025.

Following a surge in trading of euro-denominated contracts, the United Kingdom’s share in total trading rose to 50%, while that of the United States fell to 24% due to subdued growth in turnover of dollar-denominated contracts.