CLS's FX Trade Volume Report - June 2025

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

June Market Overview

Compared to the same period last year, overall FX trading volumes demonstrated an increase of 10.4%. Average daily traded volumes in June 2025 increased by 10.6% from May, reaching USD 2.49 trillion.

This year-on-year growth was reflected across all trading instruments. FX swaps were up 9.5% compared to June 2024, contributing USD 1.685 trillion to the total volume. Spot trades rose 7.6% to USD 562 billion, and outright forwards surged 24.5% to USD 245 billion.

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

Although short-term monthly comparisons can fluctuate, Figure 2 illustrates a longer-term trend of stabilizing spot volumes and continued growth in FX swap activity.

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

Granular Analysis

CLS then turned its focus to the spot market. The busiest trading day in June 2025 was Thursday, 26 June, when USD 725 billion was traded.

FIG 3. Daily spot volumes peaked on Thursday, 26 June

A more granular analysis of hourly spot trading revealed the typical three peak periods across Asian, European, and American trading sessions. The busiest hour of the month was 16:00 London time on 30 June, when USD 153 billion traded.

FIG 4. Hourly spot volumes peaked at 16:00 on 30 June

Conclusion

While May 2025 saw a dip in trading volume, June recorded a notable rebound. Year-on-year growth was observed across all product types, underscoring the resilience and vitality of global FX activity. The detailed review of daily and hourly trading dynamics provides insight into the structure and rhythm of global FX markets.

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.