UK FX Market Sees Record Turnover Amid Global Trade Uncertainty
Average daily UK foreign exchange turnover surged to a record $4.045 trillion in April 2025, marking a 26% increase from October 2024 levels—the largest survey-to-survey jump since 2013. Volatility driven by global trade policy uncertainty fueled activity across all instruments, with spot transactions leading the charge at 42% growth.
FX swaps retained their dominance as the most traded instrument at $1.563 trillion, while options volumes spiked 52% year-over-year. The EUR/USD pair maintained its top position, accounting for 25% of London's turnover at $1.010 trillion daily.