U.S. dealer OTC FX turnover rose in April 2025 triennial survey
U.S. participating dealers reported $51,363.405 billion in OTC FX turnover for April 2025, above April 2022. Retail-driven turnover also rose but remained a small subset, accounting for 0.49% of the total.
U.S. participating dealers reported $51,363.405 billion in over-the-counter foreign-exchange turnover during April 2025, compared with $40,159.355 billion in April 2022, according to the New York Fed’s triennial survey. The result establishes a higher monthly transaction total between the two survey observations, rather than a continuous measure of how activity evolved over the intervening three years.
Retail-driven turnover also increased, reaching $252.818 billion in April 2025 from $140.885 billion in April 2022. It accounted for 0.49% of the latest total. The combination of a higher retail-driven reading and its small share is the central distinction: this segment participated in the increase in reported activity, but the overwhelming majority of April turnover fell outside that classification.
A larger transaction total, not a liquidity verdict
The survey points to more OTC FX business passing through participating U.S. dealers in the latest survey month. That is relevant to the scale of trading activity, but not sufficient to judge the quality of liquidity. A larger transaction total could coexist with different execution conditions; it does not, by itself, establish tighter pricing, greater market depth or stronger customer demand. Nor does the increase establish capital inflows, exchange-rate direction or dealer profitability.
The reporting basis matters when reading the scale of the figures. These are full-April amounts from the New York Fed’s official net-gross table, expressed here in billions of U.S. dollars after conversion from millions. They are not daily averages, outstanding currency positions or client balances. The scope is participating U.S. OTC FX dealers, not the global foreign-exchange market.
Retail-driven activity is an included subset, so adding it to the headline figure would double-count turnover. It is also not a count of retail accounts or a measure of all retail customer trading. The two April snapshots support a clear comparison of reported activity, while leaving the path between those survey months unresolved.
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