Global currency markets form a very important part of the global financial industry. They are dominated by a small group of currency pairs. Recent data from the Bank for International Settlements (BIS) show that dominance remains strong. In its 2025 triennial survey, the BIS estimated that global foreign-exchange trading reached US$9.6 trillion per day. On one side of 89% of those trades sat the US Dollar (USD).
That tells you everything: if you want to know which currency pairings matter, start with the dollar. Almost every major pairing features it, which gives these pairs deep liquidity, tight spreads, and high volume.
The Top 10 Currency Pairings in 2025
According to the BIS data and recent market-statistic reports, the top ten most traded currency pairs globally (by daily volume) are:
1. USD/EUR (US Dollar/Euro)
Market share: 21.2% of forex volume Daily turnover: $2.03 trillion.
The USD/EUR (euro-dollar pair) anchors everything. It’s also deeply broken right now. The eurozone economy is stalling while the US churns forward on momentum. Manufacturing across Europe faces headwinds from energy costs and Chinese competition. Meanwhile, the European Central Bank (ECB) has cut rates 200 basis points since mid-2023 (including 75 bps in 2025) and signals more easing on the way. Today the ECB’s rate is 2%, while its counterpart in the U.S. In the meantime, the Fed sits at 3.50 – 3.75% rates. Forecast models suggest EUR/USD could drop to parity (1.00) if this spread widens further.
2. USD/JPY (US Dollar/Japanese Yen)
Market share: 14.3%
Daily turnover: $1.37 trillion.
The Japanese economy is facing challenges. Rates are effectively negative even after the Bank of Japan’s hikes. The yen gets weaker while the US dollar strengthens. Traders love this for carry trades (borrow yen cheap, buy higher-yielding assets elsewhere, pocket the difference). The USD/JPY saw a 35% increase in trading volume since 2022, suggesting institutional players are waking up to the asymmetry. When it breaks, it breaks hard.
3. USD/CNY (US Dollar/Chinese Yuan (Renminbi))
Market share: Approximately 8%
Daily turnover: $781 billion
This pair exploded to a 59% increase in trading volume since 2022. China needs dollars. Chinese companies need dollars to do business globally. But Beijing wants to reduce dollar reliance. The onshore renminbi (CNY) is China’s answer, a middle ground between full capital controls and free convertibility. What matters here isn’t the mechanical trade. It’s the geopolitical undertone. USD/CNY trading surged across every instrument type, but currency swaps shot up 164%, signaling institutional repositioning. This pair is a tell on whether the US-China economic decoupling is really happening or just political theater.
4. USD/GBP (US Dollar/Great British Pound (Sterling))
Market share: 7.6%
Daily turnover: $730 billion
The USD/GBP (British pound pair) trades under the label “the Cable,” nicknamed from the undersea telegraph cable that first transmitted exchange rates. Traders love it because it swings. The UK economy bounces between recession fears and surprise strength. Bank of England policy remains hawkish relative to peers. The pair has negative correlation with USD/CHF but positive correlation with EUR/USD, making it useful for hedging. It’s less fundamental than the top three pairs and more technical. Spreads stay tight. Volume stays massive. It’s the workhorse of the carry trade crowd.
5. USD/CAD (US Dollar/Canadian Dollar)
Market share: 5.3%
Daily turnover: $510 billion
This pair matters more this December than it ever has. The Canada-US relationship is fracturing over trade. Trump has threatened 25% tariffs on Canadian exports. Over 80% of Canada’s goods go to the US. Estimates suggest a 10% tariff hit equals a 4-5% depreciation in the Canadian dollar. If Trump follows through on the tariffs, USD/CAD could spike to 1.52-1.55 (per analysts) if tariffs hit. This pair isn’t about fundamentals anymore. It’s a referendum on trade policy. The loonie is a political hostage.
6. USD/AUD (US Dollar/Australian Dollar)
USD/AUD takes 4.9% of global turnover, about $470 billion per day. Tied to commodities like iron ore, USD/AUD reacts to China’s demand. Aussie rate cuts in 2025 amplified moves.
7. USD/CHF (US Dollar/Swiss Franc)
Market share: 4.9%
Daily turnover estimated at $470 billion
Switzerland is supposed to be boring. Neutral. Safe. The franc usually appreciates in crises because investors flee to it. But USD/CHF is stuck in a narrow range, 0.80 to 0.81. The Swiss National Bank wants a weaker franc to help exporters. The Fed wants a strong dollar to fight inflation (or manage geopolitical leverage). They’re at odds. When global risk spikes, this pair should diverge. When it doesn’t, it signals that markets don’t believe there’s a crisis. Watch this pair for complacency.
8. USD/HKD (US Dollar/Hong Kong Dollar)
USD/HKD counts for 3.6% of global FX, about $345 billion per day.
That is a sharp rise compared with prior surveys (HKD’s share increased materially). This reflects hedging demand around North-Asia trade, China-linked flows, and often offshore CNH/HKD currency management strategies.
9. USD/SGD (US Dollar/Singapore Dollar)
USD/SGD, smaller but still active, represents 2.2% of turnover, about $210 billion daily. The pair remains relevant for Southeast Asian trade, capital flows, and institutions needing dollar-SGD liquidity. Though volume is modest compared to major corridors.
10. USD/INR (US Dollar/Indian Rupee)
USD/INR records about 1.9% of global FX turnover, roughly $180–190 billion per day. While far behind the majors, its presence signals growing hedging and capital-flow needs involving India. Given India’s economy and trade size, this corridor may slowly grow further. Likely boosted by remittance flows and international trade settlement.
Why the Top 10 List Matters for Banks, Corporates and Disruptors
Two key trends stand out. First, emerging-market currencies are rising: the renminbi and Hong Kong dollar as an example. BIS notes that USD/CNY turnover jumped 59% and USD/HKD soared 95% between 2022 and 2025. The yuan’s share of global FX has climbed from 7% to 8.5%, and the Hong Kong dollar is now about 3.8% of volume.
Second, some majors have sagged. Sterling’s FX share slid sharply to 10.2% (near pre-2010s lows), so even though GBP/USD remains a top 10 pair, the pound lags its 2010s role. By contrast, the Swiss franc saw a bump: USD/CHF volume was 60% higher than in 2022.
The takeaways: EUR/USD on top, USD/JPY and GBP/USD right behind, remains consistent. The less obvious, and strategically important, takeaway is concentration risk. Heavy dollar dominance means systemic exposure: shocks to US rates, or policy-driven moves in Washington, cascade everywhere. That’s why banks still run huge FX swap books: swaps and forwards dominate to manage funding and cross-currency basis risk.
Bottom Line: Act Like Liquidity Matters (Because It Does)
If you’re building or running FX capability, focus on where the dollars flow. That means product design that prioritises EUR/USD, USD/JPY and GBP/USD, and an infrastructure stack capable of routing to London and key Asian centres.
If you’re a strategist inside a bank, stop thinking in silos: treasury, rates and FX are intertwined through swaps and basis. If you’re a disruptor, target execution inefficiencies in the top ten.
Author: Richardson Chinonyerem
The editorial team at #DisruptionBanking has taken all precautions to ensure that no persons or organizations have been adversely affected or offered any sort of financial advice in this article. This article is most definitely not financial advice.
