The Bank for International Settlements estimates that over-the-counter foreign-exchange trading averaged $9.6 trillion per day in April 2025, a 28% rise from the previous survey in 2022. The survey describes the market’s size and structure during one month; it does not measure investor profits or forecast where exchange rates will go. BIS: OTC foreign-exchange turnover in April 2025
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The higher turnover and rising spot and forward shares point to greater activity across more than one FX instrument, based on the April 2025 snapshot.
The higher turnover and rising spot and forward shares point to greater activity across more than one FX instrument, based on the April 2025 snapshot.
The BIS notes elevated volatility and policy-related activity during April, so the 28% change should not be read as a smooth annual growth rate.
Trading grew, with spot and forwards gaining share
The BIS measured $9.6 trillion in average daily OTC FX turnover in April 2025, compared with $7.5 trillion in April 2022. It says the 2025 survey took place amid elevated volatility and increased activity following trade-policy announcements early that month. The survey is a snapshot of that month, not an estimate of every day in the year. BIS: OTC foreign-exchange turnover in April 2025
Spot transactions accounted for 31% of turnover, up from 28% in 2022, with $3 trillion traded per day. Outright forwards represented 19%, up from 15%, at $1.8 trillion per day. FX swaps still made up the largest instrument share at 42%, but that was down from 51%. Options turnover more than doubled over the three-year interval. BIS: OTC foreign-exchange turnover in April 2025
The U.S. dollar was on one side of 89.2% of trades, while the euro was on one side of 28.9% and the yen 16.8%. Currency shares add to more than 100% because every FX trade involves two currencies. Sales desks in the UK, United States, Singapore and Hong Kong together accounted for 75% of global turnover. BIS: OTC foreign-exchange turnover in April 2025
A larger market is not automatically a more directional market
Higher turnover can accompany hedging, portfolio rebalancing, dealer intermediation or short-term positioning. It tells readers that more currency transactions were reported, but not whether traders were collectively bullish or bearish on a particular exchange rate. A forward contract can manage a future payment without representing a view that the currency will appreciate.
The increase in spot and outright-forward shares alongside a smaller swap share shows a changing instrument mix, not a simple change in risk appetite. Different customers use these products for different purposes, and turnover counts the value of transactions rather than the amount of capital at risk or the number of unique investors.
The dollar’s continued presence on one side of most trades reflects its central role in global FX dealing. It does not mean every dollar pair is liquid to the same degree at every hour, or that the dollar must strengthen. Local market depth, dealer capacity and time of day still matter for execution.
Pair the structural snapshot with dated market evidence
For a currency-specific question, separate market structure from the relevant pair’s current drivers: policy expectations, inflation, growth, funding conditions and the timing of corporate flows. The BIS survey can establish how large and organized the market is; it cannot replace the country-level evidence behind an exchange-rate move.
Keep the survey basis in view when comparing totals. The headline is a net-net global turnover estimate for OTC FX instruments collected in April 2025, while some geographic shares use net-gross figures. Avoid comparing it directly with exchange volume, client-account notional or one broker’s platform data as if those measured the same activity. BIS: OTC foreign-exchange turnover in April 2025
A useful follow-up is to compare the next Triennial Survey with intervening central-bank and exchange data, while treating each source as a different lens. For short-term interpretation, pair turnover context with current volatility, spreads and positioning rather than treating the survey’s large headline as a trading signal.