The U.S. dollar dominated the list of the most traded currency pairs in 2022, being involved in all the top nine currency pairs. The most common forex transaction in that year was the euro and the U.S. dollar, which accounted for almost ** percent of the average daily turnover of all currency exchanges in April 2022. This was followed by the U.S. dollar and the Japanese yen, then the U.S. dollar and the British pound. The most common pair excluding the U.S. dollar was the euro and the British pound, which accounted for *** percent.

The U.S. dollar dominated the list of the most traded currencies in 2022, being involved in the vast majority of any currency trades. This is according to a ranking that looks at trading regardless of pairs. The most common forex transaction by pair in that year was the euro and the U.S. dollar, which accounted for almost ** percent of the average daily turnover of all currency exchanges in April 2022.

The foreign exchange (Forex) market is a global decentralized market for the trading of currencies. It is the largest financial market in the world, with an average daily trading volume of over $5 trillion. The market size is expected to reach $84 million by 2033, growing at a CAGR of 5.83% during the forecast period 2025-2033. Key drivers of the Forex market growth include increasing international trade, rising foreign direct investment, and growing demand for hedging and speculation. The market is also being driven by the increasing use of online trading platforms and the growing popularity of cryptocurrencies. The major players in the Forex market include Deutsche Bank, UBS, JP Morgan, State Street, XTX Markets, Jump Trading, Citi, Bank of New York Mellon, Bank America, and Goldman Sachs. The market is segmented by type (spot Forex, currency swap, outright forward, Forex swaps, Forex options, other types), counterparty (reporting dealers, other financial institutions, non-financial customers), and region (North America, South America, Europe, Middle East & Africa, Asia Pacific). Recent developments include: In November 2023, JP Morgan revealed the introduction of novel FX Warrants denominated in Hong Kong dollars in the Hong Kong market, marking its status as the inaugural issuer in Asia to present FX Warrants featuring CNH/HKD (Chinese Renminbi traded outside Mainland China/Hong Kong dollar) and JPY/HKD (Japanese Yen/Hong Kong dollar) as underlying currency pairs. These fresh FX Warrants are set to commence trading on the Hong Kong Stock Exchange., In October 2023, Deutsche Bank AG finalized its purchase of Numis Corporation Plc. The integration of both brands under the name 'Deutsche Numis' underscores their collective influence and standing in the UK and global markets. 'Deutsche Numis' emerges as a prominent entity in UK investment banking and the preferred advisor for UK-listed companies. This acquisition aligns with Deutsche Bank's Global Hausbank strategy, aiming to become the primary partner for clients in financial services and fostering stronger relationships with corporations throughout the United Kingdom., In June 2023, UBS successfully finalized the acquisition of Credit Suisse, marking a significant achievement. Credit Suisse Group AG has merged into UBS Group AG, forming a unified banking entity.. Key drivers for this market are: International Transactions Driven by Growing Tourism Driving Market Demand, Market Liquidity Impacting the Foreign Exchange Market. Potential restraints include: International Transactions Driven by Growing Tourism Driving Market Demand, Market Liquidity Impacting the Foreign Exchange Market. Notable trends are: FX Swaps is leading the market.

Forex daily volume was nearly six billion U.S. dollars for the USD currency, an amount three times higher than for the euro (EUR). The forex - or foreign exchange market - turnover per day is a figure that is not often measured, only once every three years. No figures are available for 2020, for instance. What figures are available, however, indicate that the USD currency far outweighs that of many other currencies all over the world.

What is the forex market?

The forex market is based on the fluctuations in the value of currency interest rates. For example, the U.S. dollar performs differently against other major currencies. If one can properly predict these fluctuations, they can buy a weaker currency with a stronger one. After the currencies rebalance, the original currency will be worth more terms of the exchange rate, giving the investor a profit. There are many foreign exchange trading services, including many multinational banks which already work in multiple currencies.

Other currency trading functions

Countries and central banks often hold foreign currencies. These international reserves help facilitate the transactions in international trade, which is one reason China’s foreign reserves are so high. Countries can buy and sell foreign currencies to maintain a particular exchange rate. This is necessary for currencies which are pegged to another currency, such as the U.S. dollar. However, some countries are accused of exchange rate manipulation in order to make their exports seem more attractive. Finally, certain currencies are considered safer. Citizens and firms in a country with an unstable currency will buy these currencies to avoid volatility, or even hyperinflation, in their home currency.

The exchange rate of the NZD/USD currency pair continued to decline over the course of 2022. As of May 2, 2025, the exchange rate reached approximately 0.59 U.S. dollars per New Zealand dollar. Being one of the most traded currency pairs in the world, the NZD/USD is closely connected to monetary policy from the Federal Reserve and the Reserve Bank of New Zealand. In early 2021, the yield on 10-year government bonds in the United States declined, which led to a weaker U.S. dollar against the New Zealand dollar.

Context

Forex market is the world largest market for currency trading

Content

EurUsd pair price data over 60 minute interval

This report analyses the exchange rate between the Great British pound (GBP) sterling and the US dollar (USD). Figures are quoted in terms of USD ($) per GBP (£), meaning that a rise in the figure represents a stronger comparative pound. The data is sourced from the Bank of England (BoE) in addition to estimates by IBISWorld, with reference to the conditioning assumptions for the sterling effective exchange rate published by the Office for Budget Responsibility (OBR). The figures represent annual averages for each financial year (i.e., April through March). The spot price of the pound sterling in US dollars is determined by the supply and demand of the two currencies, which is in turn predominantly affected by the relative performance of the two economies and differences is monetary policy (i.e., interest rates) and inflation rates. The GBP/USD currency pair is one of the most frequently traded on global foreign exchange markets and, like all money markets, can be relatively volatile. The US dollar is also seen as a "safe-haven" currency, which can also have a significant bearing on the way it trades against other currencies on the global market.

Two Solana trades in March 2025 together made up roughly one fourth of the entire market for this specific currency. Trades involving Solana and Tether were popular on Binance, whereas the Solana/Korean Wong pair occurred frequently on Upbit. Among the biggest cryptocurrency exchanges in the world, Solana was traded relatively frequently on Binance — having multiple entries in this list, with the SOL/BUSD and SOL/BTC pairs — whereas no trades were observed for a platform like Mandala Exchange.

After reaching the lowest recorded value in October 2020, the amount of Swiss francs that one British pound could buy gradually increased until early 2021. This similar was to 2019, when a decrease occurred before being almost fully recovered by the end of that year. As of May 2, 2025, the exchange rate reached approximately 1.10 Swiss frances per pound. The GBP/CHF currency pair was one of the most traded pairs on the global forex market in 2020.

The USD/CAD exchange rate rose to 1.3649 on July 1, 2025, up 0.31% from the previous session. Over the past month, the Canadian Dollar has strengthened 0.48%, and is up by 0.21% over the last 12 months. Canadian Dollar - values, historical data, forecasts and news - updated on July of 2025.

One pound was worth increasingly more Japanese yen as 2024 progressed, leading to the highest values since 2012. The GBP/JPY currency pair is not as widely traded on the global forex market as other coins, but does reflect the impact of a weakening yen. The Japanese economy suffers from a growing trade deficit, and also has a sizable difference between domestic and foreign interest rates.