20 Forex Trading Statistics That Will Blow Your Mind

The foreign exchange market is the world’s largest and most liquid financial market, exceeding $7.5 trillion in daily transactions. At WR Trading, we want to present you mind-blowing facts like these to showcase the impact of forex on the global economy and how traders navigate this massive financial ecosystem. We’ll break down 20 fascinating forex statistics that might change the way you view the forex market.

1. Forex Trading Volume Has Grown Sixfold Since 2001

The forex market size has grown rapidly over the past few decades. In 2001, the average daily turnover was around $1.2 trillion; by 2007, it reached $3.3 trillion, and by 2013, it was $5.3 trillion​. Despite a brief dip in 2016, volumes surged again in the following years. The table below shows the global average daily FX turnover at various points in time, as reported by BIS surveys:

Year	Daily Forex Trading Volume
2001	$1.2 Trillion
2004	$1.9 Trillion
2007	$3.3 Trillion
2010	$4.0 Trillion
2013	$5.3 Trillion
2016	$5.1 Trillion
2019	$6.6 Trillion
2022	$7.5 Trillion

2. The US Dollar Is Involved in 88% of All FX Trades

The U.S. dollar (USD) remains the top currency globally, with the BIS reporting that the dollar was on one side of 88% of all currency trades in 2022, unchanged from its share in 2019​. In other words, nearly every major forex transaction involves exchanging USD for another currency. 

This extends the dollar’s dominance that has persisted for decades – by comparison, a decade earlier, the USD was involved in about 85% of trades, and no other currency comes close to this level of market dominance.

Year	U.S. Dollar Share of Global FX Trades
2010	85%
2019	88%​
2022	88%​

3. Russian Ruble’s Trading Share Plunges Below 1%

The role of the Russian ruble (RUB) in global FX trading has diminished to negligible levels after Russia’s invasion of Ukraine in 2022. In the 2019 BIS survey, the ruble accounted for around 1% of worldwide FX turnover​. By 2022, the ruble was effectively excluded from the BIS results – Russia’s central bank did not participate due to sanctions and BIS membership suspension, and ruble trading was minimal on sanctioned institutions​. 

Even prior to 2022, the RUB was a minor currency internationally (ranked around 18th in 2019). The war and financial sanctions imposed on Russia, such as exclusion from SWIFT for some banks and convertibility restrictions, caused ruble trading with global counterparties to dry up further. This means the ruble is now mostly traded onshore or within a limited network.

Currency	Share of Global FX Trades (2019)	Share (2022)
Russian Ruble (RUB)	1.1% (approx.)​	<0.5%​

4. Record $19.1 Trillion Traded in a Single Day 

Forex trading volumes can spike during periods of market stress or major events. A testament to this is the record $19.1 trillion traded in a single day on 20 June 2024, reported by CLS, the FX settlement provider​. That astonishing figure is over two and a half times the normal daily average of around $7 trillion for CLS. 

It occurred primarily due to the U.S. market’s shift to a T+1 (trade plus one day) securities settlement cycle, effective from May 28, 2024. This transition forced financial institutions, asset managers, and market participants to significantly increase FX transactions, as they needed to align currency exchanges with the shortened settlement window for U.S. securities trades.

Date	Daily FX Settlement Value
20th June 2024	$19.1 trillion
Average 2024 day	$7 trillion

5. Slowest Growth in FX Turnover Since 2004

Global FX turnover grew 14% from 2019 to 2022, rising from $6.6 trillion to $7.5 trillion in daily volume​. While still a sizable increase, the BIS noted this was the slowest growth rate for a triennial survey period since 2004​. Only two survey periods since 2004 saw similarly low growth, and one period (2013–2016) even saw a slight decline. By contrast, the prior 2016–2019 interval had nearly a 30% jump in volume​.

Several factors contributed to the muted growth in FX trading. The 2019–2022 data collection coincided with heightened market volatility from shifting interest rate expectations, surging commodity prices, and geopolitical tensions (such as the war in Ukraine)​. Normally, volatility can boost trading, but pandemic-related restrictions in some financial centers may have dampened activity​. The slowdown suggests that after decades of rapid expansion, the FX market is maturing, with growth spurts now more tempered except during major upheavals.

Period	3-Year Growth in FX Volume
2004–2007	+72%
2007–2010	+20%
2010–2013	+32%
2013–2016	–5%
2016–2019	+29%
2019–2022	+14%

6. FX Swaps Dominate 51% of Market Turnover

Foreign exchange swaps are the most traded instrument in the FX market, accounting for 51% of global turnover in 2022​. FX swaps involve an exchange of two currencies with a promise to reverse the exchange at a later date, and they are commonly used by banks and companies to manage short-term funding or hedge currency exposure. 

Instrument	Daily Turnover (Apr 2022)	Share of Global FX Volume (2022)
FX Swaps	$3.8 trillion​	51%
Spot Trades	$2.1 trillion​	28%
Outright Forwards	$1.2 trillion​	15%
Options & Other	$0.4 trillion​	6%

7. Interbank Trading vs. Other Counterparties

The FX market has a diverse set of participants, but the majority of volume occurs among financial institutions. In April 2022, about 46% of global FX turnover was inter-dealer – trading directly between reporting dealer banks​. Another 48% was between dealers and “other financial institutions,” a category that includes asset managers, hedge funds, proprietary trading firms, and institutional investors​. 

Trades involving non-financial customers (such as corporations, importers/exporters, and governments conducting real-economy currency exchanges) accounted for the remaining ~6% of turnover. This small slice highlights that FX trading is largely a wholesale market, with corporate trade-related currency conversions being only a minor portion of daily volume. 

Most FX activity is driven by banks and investors reallocating portfolios or hedging financial exposures rather than by companies buying/selling currency for commerce​. Even so, the interbank market ultimately exists to facilitate those end-user needs and global capital flows.

Counterparty	Share of FX Turnover (2022)
Inter-dealer (bank-to-bank)	46%​
Other financial institutions	48%​
Non-financial customers	~6% (remainder)

8. Euro, Yen, and Pound are the Next Most Traded Currencies

After the U.S. dollar, the euro (EUR) is the second most traded currency, appearing in about 31% of global transactions as of 2022. The euro’s share dipped slightly from 32% in 2019, showing marginally lower activity, but it firmly remains the runner-up in worldwide usage.

Following the euro, the Japanese yen (JPY) and British pound (GBP) are the third and fourth most traded currencies. In 2022, the yen was involved in 17% of trades and the pound in 13%, both unchanged from their shares in 2019​. These rankings have stayed consistent over time, with USD, EUR, JPY, and GBP collectively forming the core of major currency pairs.

Currency	Share of Global FX Trades (2019)​	Share (2022)​
Euro (EUR)	32%	31%
Japanese Yen (JPY)	17%	17%
British Pound (GBP)	13%	13%

9. China’s Renminbi Climbs to 7% of FX Trading

The Chinese renminbi (RMB or CNY) has rapidly risen through the currency ranks. In 2022, the RMB accounted for 7% of global FX trading, making it the 5th most traded currency worldwide​. This is a significant jump from just a 4% share in 2019​. A decade ago, the renminbi was barely 1% of turnover and outside the top ten, but its share has roughly doubled with each triennial BIS survey. 

The RMB’s ascent reflects China’s growing economic footprint and efforts to internationalize its currency. This trend was the largest market share gain by any currency between 2019 and 2022​. The renminbi’s rise has come as China gradually loosens capital controls, more trade is settled in RMB, and global investors increase exposure to Chinese markets. In 2016, the RMB was added to the IMF’s Special Drawing Rights basket, cementing its status as a major reserve currency. 

Year	Renminbi (CNY) Share of Global FX Trades	Global Rank
2010	0.9%​	17th
2019	4.3%​	8th
2022	7.0%​	5th

10. EUR/USD is the Most Traded Currency Pair (23% of Volume)

The euro/U.S. dollar (EUR/USD) pair is the world’s most actively traded currency pair, constituting about 22–23% of global FX turnover in 2022​. Nearly one out of every four dollars traded in the FX market is exchanged between euros and U.S. dollars.

This shows the huge volume of commerce and capital flows between the Eurozone and the United States, as well as the pair’s popularity for speculation due to its liquidity and relatively low transaction costs. EUR/USD has long held the top spot among currency pairs, given that it links the two largest currencies.

Currency Pair	Share of Global FX Turnover (2022)
EUR/USD (Euro – U.S. Dollar)	23%
USD/JPY (U.S. Dollar – Yen)	17%
GBP/USD (British Pound – U.S. Dollar)	10%
USD/CNY (U.S. Dollar – Chinese Yuan)	7%
USD/JPY (U.S. Dollar – Japanese Yen)	7%

11. Five Major Hubs Handle 78% of FX Trading

The United Kingdom, the United States, Singapore, Hong Kong, and Japan collectively accounted for about 78% of total FX trading in 2022​. The UK alone made up 38% of the global turnover in April 2022​, maintaining London’s position as the world’s largest FX trading hub. 

The U.S. was the second-largest center at 19%​. Asia’s biggest venues, Singapore and Hong Kong, each have around 7–9%, and Tokyo, Japan, had roughly 4%​. This geographic distribution has remained fairly stable, though the U.S. and Singapore gained shares in 2022 while London and Hong Kong saw slight declines from 2019​.

Trading Center	Share of Global FX Volume 2022	Share of Global FX Volume 2019
United Kingdom (London)	38%	43%
United States (New York)	19%	17%
Singapore	9%	8%
Hong Kong SAR	7%	8%
Japan (Tokyo)	4%	5%
Combined Top 5	78%	81%

12. Cross-Border Transactions Make Up 62% of FX Volume

The FX market is inherently global – most trades involve participants in different countries. In April 2022, 62% of all forex transactions were cross-border, up from 56% in 2019​. The remaining ~38% of trades were between counterparties in the same country. The increase in cross-border shares brings it closer to the levels seen in 2016 (around 65%)​, indicating the internationalization of trading rebounded after a dip in 2019.

Type of Trade	Share of Total Trades in 2022
Cross-border trades	62%​
Local (domestic) trades	38%​

13. Global Foreign Exchange Reserves Exceed $12 Trillion

Central banks worldwide collectively hold an enormous stockpile of foreign currencies as official foreign exchange reserves, totaling about $12 trillion as of 2023​. Global FX reserves have grown tenfold in the past two decades – from roughly $1.2 trillion in 1999 (just after the euro’s introduction) to over $12 trillion today​. 

These reserves are held to back national currencies, stabilize exchange rates, and provide liquidity in times of crisis. The record high was $12.92 trillion in Q4 2021 before slight declines due to valuation changes and some reserves being used for currency interventions​.

Year	Total World FX Reserves
1999	$1.2 trillion
2021	$12.9 trillion
2023	$12.1 trillion

14. USD Share of Global Reserves Falls to 59%, Euro ~20%

Although the U.S. dollar dominates FX trading, its position in central bank reserves has gradually declined. The USD accounted for 59% of allocated global foreign exchange reserves in 2020, the lowest share in 25 years​. Back in 1999, the dollar comprised 71% of reserves; since then, it has fallen about 12 percentage points​. 

This drop has not been matched by a surge in any single alternative – the euro’s share has hovered around 20% of global reserves (it was about 18% in 1999 and 20% in 2020)​. Other major currencies like the Japanese yen and British pound make up small single-digit portions each around 5% each in recent years, while the remainder consists of “nontraditional” reserve currencies such as the Canadian and Australian dollars, which together have grown to around 9–10% of reserves​.

Currency	% of Official FX Reserve 2020
US Dollar (USD)	59%
Euro (EUR)	~20%
Others – Japanese Yen, Pound, etc.	~21%

15. 54% of Global Trade Invoiced in U.S. Dollars

As of 2022, roughly 54% of global trade transactions are invoiced in USD​. This means over half of world exports/imports by value are billed and settled in dollars, even if the U.S. is not directly involved in the transaction. 

For example, a sale of machinery from Germany to India might be priced in USD. The euro is the second most common invoicing currency (especially within Europe and certain trade networks), but no single currency approaches the dollar’s usage globally​. The fact that the dollar is used for a majority of trade invoices highlights its role as the de facto language of commerce.

Currency used for Trade Invoicing	Share of World Trade​
US Dollar (USD)	54%
Other currencies (combined)	46%

16. Just 10 Currencies Account for ~90% of All FX Trading

Hundreds of currencies exist in the world, but the FX market is overwhelmingly concentrated in a handful of major ones. The top 10 currencies collectively are on about 89–90% of all forex trades​. The U.S. dollar is the top currency – being one side of 88% of trades – followed by the euro, Japanese yen, British pound, Chinese renminbi, Australian dollar, Canadian dollar, Swiss franc, Hong Kong dollar, and Singapore dollar​. After these ten, each additional currency contributes well under 2% of the global volume.

Rank (2022)	Currency	% of Global FX
1.	USD (U.S. dollar)	88.5%
2.	EUR (Euro)	30.5%
3.	JPY (Japanese yen)	16.7%​
4.	GBP (British pound)	12.9%​
5.	CNY (Chinese yuan)	7.0%​
6.	AUD (Australian Dollar)	6.4%​
7.	CAD (Canadian Dollar)	6.2%
8.	CHF (Swiss franc)	5.2%​
9.	HKD (Hong Kong Dollar)	2.6%​
10.	SGD (Singapore Dollar)	2.4%​

17. Indian Rupee – 2nd Most Traded EM Currency

India’s currency, the rupee (INR), has become the 15th most traded currency worldwide as of 2022, with about 1.6% of global FX turnover​. This makes it the second most traded emerging market currency after China’s yuan. Its rise reflects India’s growing economic footprint and the increasing interest of foreign investors in rupee assets. 

Due to India’s capital controls, an active offshore NDF (non-deliverable forward) market for USD/INR has developed in financial hubs. By 2022, over 60% of rupee trading was occurring outside India, primarily via NDF contracts in centers such as London, Singapore, and New York​. This means the bulk of rupee liquidity is offshore, where international banks and hedge funds trade the currency beyond the purview of Indian regulators. 

Year	INR Global Rank	INR Share of Global FX
2010	20th	0.9%
2013	18th	1%
2016	18th	1.1%
2019	16th	1.7%
2022	15th	1.6%

18. Australian Dollar Slips to 6th – Surpassed by Chinese Yuan

The Australian dollar (AUD) has long been among the top five most-traded currencies, but in 2022, it was overtaken by China’s renminbi. The AUD fell to the 6th most traded currency globally, with about a 6% share of daily FX turnover​. This is a slight decline from its ~6.8% share in 2019. 

The Reserve Bank of Australia noted that the AUD’s share “declined slightly”, and its ranking dropped from 5th to 6th in the latest survey​. The currency pair AUD/USD also slipped in rank – it was the 4th most traded pair in 2019 but was 6th in 2022​. These changes are largely due to the rise of China’s yuan, which climbed into the top five.

Year	AUD Global Rank	Share of Global FX
2010	5th	7.6%
2013	5th	8.6%
2016	5th	6.9%
2019	5th	6.8%
2022	6th	6.0%

19. Switzerland Trades $390 Billion/Day – 5.2% of Global FX Volume

Switzerland punches far above its weight in FX trading, with an average of $367 billion per day in foreign exchange turnover​. That is about 5% of the global total, placing Switzerland among the top six trading centers worldwide after the UK, US, Singapore, Hong Kong, and Japan. 

It’s remarkable given Switzerland’s small population of ~8.6 million and its economy of about 0.8% of world GDP. Zürich is the main FX hub in Switzerland, hosting many international banks’ trading desks and asset managers. The BIS 2022 survey confirmed the high volume: $390B daily, up from $326B in 2019 – a 17.8% jump​.

Year	Average Daily FX Turnover (USD billion)	Global Market Share %
2010	$250	6.3%
2013	$276	5.2%
2016	$243	4.8%
2019	$326	4.9%
2022	$390	5.2%

20. Japan’s $42.8 Billion Intervention – Largest Ever in FX Markets

Japan conducted a historically massive intervention in 2022 to support its falling currency. On October 31st, 2022, the Bank of Japan, under the guidance of the Ministry of Finance, intervened by buying yen and selling U.S. dollars after the yen’s value had plunged to a 32-year low against the dollar. 

Data later revealed that Japan spent ¥6.35 trillion yen over about two trading days, equivalent to $42.8 billion, in these interventions​. This sum is the largest single-month and multi-day currency intervention on record for Japan and one of the largest ever seen in FX markets. It dwarfed Japan’s previous interventions – about $20B was spent in September 2022, and prior to 2022, Japan had not intervened in over a decade.

Date	Japan’s Yen-Buying Intervention
Sep30th, 2022	~¥2.8 trillion (≈$19.5 billion) – first yen-buying in decades
Oct 31st, 2022	¥6.35 trillion (≈$42.8 billion) – record intervention

Conclusion

The foreign exchange market remains the largest and most dynamic financial market in the world, with daily trading volumes exceeding $7.5 trillion. The statistics covered in this article reveal the sheer scale of FX trading, from the dominance of the U.S. dollar to the rise of emerging market currencies like the Chinese yuan.

Despite its size, the forex market is constantly evolving. Regulatory changes, economic shifts, and technological advancements influence its structure and trading behavior. Therefore, if you are looking to get into this ever-changing market, it’s a great idea to try out a beginner-friendly course like Witzel Trading. It covers everything you need to know, from basic trading knowledge to advanced proven strategies. 

FAQ: Most Asked Questions Regarding Forex Statistics