North American FX turnover rebounds to USD 1,382.409 billion a day in April 2026
April 2026 average daily OTC FX turnover at participating North American dealers reached USD 1,382.409 billion, up from October and slightly above April 2025. Spot, forwards and options rose from October, while swaps declined.
April 2026 average daily OTC foreign-exchange turnover reached USD 1,382.409 billion at participating North American dealers, according to the Foreign Exchange Committee / Federal Reserve Bank of New York survey. Activity recovered from October 2025, but was only slightly above April 2025, making the latest result a rebound rather than evidence of a sustained expansion.
The October survey recorded USD 1,303.161 billion per trading day, compared with USD 1,377.701 billion in April 2025. The annual comparison therefore tempers the stronger picture suggested by the rise since October. Across these three survey months, turnover fell and then recovered; the observations do not establish a continuous upward trend.
Product mix shifts away from swaps
The recovery was uneven across instruments. Spot turnover increased to USD 547.947 billion a day from USD 488.320 billion in October, while FX swaps declined to USD 467.195 billion from USD 518.146 billion. Spot consequently overtook swaps as the largest of the four reported instrument categories. Outright forwards and OTC options also increased, so the overall rise occurred despite lower swap activity.
That divergence is the clearest market-structure signal in the results: the recovery in aggregate trading was accompanied by a different product mix, not a uniform increase across the market. Higher gross notional turnover measures more transaction activity, but does not by itself demonstrate better liquidity or stronger underlying demand. Nor does the instrument shift establish why participants traded differently.
The reported retail-driven subset also increased, reaching USD 118.405 billion a day from USD 99.829 billion in October. Each instrument's retail-driven reading rose, including swaps, where the broader instrument total declined. This subset is already included within instrument totals and must not be added to aggregate turnover or interpreted as customer balances or profitability.
The survey covers OTC transactions priced or facilitated by participating dealers in the United States, Canada and Mexico, rather than every dealer or all retail trading. Figures are survey-month average daily gross notional amounts, with trades between two reporting dealers adjusted to avoid double counting.
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