Global FX Trading Soars to $9.6 Trillion Amid Tariffs, BIS Says

Trading in the global foreign-exchange market jumped to an all-time high, according to the Bank for International Settlements, as US President Donald Trump’s trade tariffs triggered extreme currency swings.

Average daily over-the-counter transactions in April increased to $9.6 trillion, up 28% from the same month in 2022, preliminary results from the BIS’s triennial survey showed. Trading of OTC interest-rate derivatives, meanwhile, surged 59% to $7.9 trillion per day.