Bank for International Settlements: Global foreign exchange turnover surged to $9.60 trillion in April
2025-09-30 15:32:15
Global foreign exchange market turnover jumped to a record high as US trade tariffs triggered wild currency swings, according to data from the Bank for International Settlements (BIS). Preliminary findings indicate that average daily turnover over the counter (OTC) reached $9.60 trillion in April, up 28% from the same month in 2022. Meanwhile, average daily turnover of OTC interest rate derivatives surged 59% to $7.90 trillion. The month-long market snapshot coincides with the most volatile foreign exchange trading period of the year. Trump's "Liberation Day" tariffs announced on April 2 sent global assets rattling and the dollar weakened as its safe-haven status was hit. A JPMorgan index of currency volatility rose to its highest level in two years that month.
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