[BIS: U.S. Tariffs Drive Global Forex Trading Volume to Record Highs]
Data from the Bank for International Settlements (BIS) shows that amid market turbulence triggered by U.S. President Trump's tariff policies, global foreign exchange trading volume surged to an all-time high this year, with an average daily trading volume of $9.5 trillion in April. The BIS quarterly review pointed out that the impact of tariffs was substantial, leading to an unexpected depreciation of the U.S. dollar, while accounting for over $1.5 trillion in average daily over-the-counter trading volume in April. Overall forex trading volume increased by more than a quarter compared to 2022, surpassing the estimated peak during the COVID-19 pandemic in March 2020.