CLS's FX Trade Volume Report - July 2025

The analytics team at CLS Group has reviewed foreign exchange (FX) trading activity for July 2025, comparing the month against prior periods and analyzing daily and hourly trading patterns. This resulted in the July 2025 FX Market Trading Report, which covers data from the FX spot, swap, and outright forward markets.

July Market Overview

Compared to the same period last year, overall FX trading volumes increased by 7.9%. However, average daily traded volumes in July 2025 fell 7% from June, reaching USD 2.32 trillion.

By product:

• FX swaps rose 8.4% YoY, contributing USD 1.581 trillion;

• Spot trades grew 6.4% YoY, reaching USD 536 billion;

• Outright forwards increased 8.5% YoY, totaling USD 200 billion.

FIG 1. Average daily volume (USD billions) by product in July 2025 vs June 2025 and July 2024

FIG 2. Average daily volume (USD billions) by product each month over the past four years

Although July volumes dipped from June, longer-term trends show stabilizing spot activity and continued growth in FX swaps.

Granular Analysis

Spot Market

The busiest trading day in July was Thursday, 3 July, when USD 769 billion was traded in spot FX.

FIG 3. Daily spot volumes peaked on Thursday, 3 July

At the currency-pair level, EURUSD, GBPUSD, and USDJPY stood out. EURUSD peaked at USD 239 billion on 3 July, while GBPUSD reached USD 95 billion on the same day.

Hourly Activity

Hourly spot trading maintained the characteristic three peaks across Asian, European, and American sessions. The busiest hour of the month occurred at 16:00 London time on 16 July, when USD 151 billion was traded.

FIG 4. Hourly spot volumes peaked at 16:00 on 16 July

Conclusion

While July saw a decline compared to June, year-on-year growth was recorded across all product types, underscoring the resilience and vitality of global FX markets. The detailed review of daily and hourly trading dynamics highlights the structural rhythm of market activity across key global trading centers.

​CLS's Notes on the Data

The data in this report is based on trades submitted to the CLS settlement and aggregation services. The data is adjusted to align with the reporting standards of the Bank for International Settlements (BIS) and the semi-annual FX committee reports. These figures report only one side of each transaction and only the far leg of FX swap trades to avoid double counting. Trade time is determined using only matched trades, with the earlier of the two submission times used as a proxy. CLS receives confirmation on most trades within two minutes of execution.