The Strategist

Volume of foreign exchange transactions across the globe hits record $7.5T a day

10/31/2022 - 09:27

In 2022, the U.S. dollar will still be the most widely used currency in the world, with record-breaking daily currency trading volumes of $7.5 trillion.

The news is supported by a poll released in April and conducted every three years by the Bank for International Settlements (BIS).

The research claims that in April of this year, foreign exchange trading volumes grew by 14% from 2019 to a record $7.5 trillion per day.

Forward contracts made up 15% of the market, spot trading - around 28%, and currency swaps - about 50% of all global trading.

The majority of all foreign exchange trading, or around 78% of it, was done in the United Kingdom, the United States, Hong Kong, Singapore, and Japan. London's status as the hub of currency trading has likewise declined. Its percentage of the whole turnover fell from 43% to 38%.