Bank for International Settlements: Global foreign exchange trading volume soared to US$9.6 trillion in April

data from the Bank for International Settlements (BIS) shows that due to the intense exchange rate fluctuations caused by US trade tariffs, the global foreign exchange market trading volume has surged to a historic high. Preliminary findings indicate that the average daily turnover of over-the-counter (OTC) transactions in April reached $9.6 trillion, an increase of 28% compared to the same period in 2022. At the same time, the average daily trading volume of OTC interest rate derivatives soared by 59% to $7.9 trillion. This one-month market snapshot coincides with the most turbulent period in foreign exchange trading so far this year. Trump's "Liberation Day" tariff announcement on April 2 sent global assets into a frenzy, weakening the US dollar due to its safe-haven status being undermined. A currency volatility index from JPMorgan rose to its highest level in two years that month.