Based on the original article “How BIS Ranked the Real 2025 FX Power Pairs” by Andy Samu from Disruption Banking (https://www.disruptionbanking.com/2025/12/11/how-bis-ranked-the-real-2025-fx-power-pairs/), this rewritten and expanded version explores the latest global foreign exchange (FX) trading trends published by the Bank for International Settlements (BIS), highlighting the key currency pairs, the forces driving their volumes, and what these shifts reveal about the international financial system heading into 2025 and beyond.
The Global March of FX Markets
The FX market remains the largest and most liquid financial market in the world, with daily trading volumes surpassing $7.5 trillion according to the Bank for International Settlements’ Triennial Central Bank Survey released in late 2025. This record figure reveals a growing appetite for currency trading, despite heightened geopolitical uncertainties, inflationary pressures across several economies, and divergent monetary policy strategies implemented by global central banks.
What makes the BIS report pivotal is its role in providing a comprehensive snapshot of global currency dynamics every three years. Each survey compiles trade data from over 1,200 financial institutions across 52 countries, revealing deep insights into volumes, liquidity flows, shifting currency preferences, trading hubs, and evolving industry structures.
Key Findings from the 2025 BIS FX Survey
The BIS survey for 2025 offers significant findings that reflect both continuity and change in FX market structures. Among the many insights, some findings stand out more prominently:
– USD remains the undisputed anchor: The US dollar (USD) maintained its dominant role, accounting for one side of 88% of all FX trades.
– EUR holds firm as the second most-traded currency: The euro (EUR) remains influential, involved in approximately 31% of global trades.
– Surge in JPY activity: The Japanese yen (JPY) exhibited a noticeable increase in trading volume, climbing to 17% of all trades.
– CNY shows strategic growth: The Chinese renminbi (CNY) crossed a monumental milestone, reaching a 9% share and overtaking formerly more dominant currencies like the Swiss franc (CHF) and Canadian dollar (CAD).
– GBP slips slightly: Despite the UK’s status as a global financial hub, the British pound saw a marginal decline, from 13% in 2022 to 12% in 2025.
These currency performance metrics paint a picture of a global FX market that is both anchored in historical structures and subject to subtle yet important tectonic shifts driven by political, technological, and economic forces.
Top Power FX Pairs in 2025: Rankings by Volume
The BIS data not only tracks currency popularity but also highlights the most traded currency pairs globally. Understanding which pairs dominate the market helps analysts, traders, and policymakers interpret broader capital movements and economic priorities.
Here are the top FX pairs ranked by trading volume in 2025:
1. USD/EUR
– As in previous years, this pair continues to be the most traded.
– Accounts for roughly 22% of global turnover.
– Reflects enduring economic interactions between the US and the EU.
2. USD/JPY
– Volumes increased thanks to a more aggressive Bank of Japan monetary stimulus.
– Plays a critical role in carry trade strategies due to interest rate differentials.
3. USD/CNY
– Now the third most traded pair globally.
– Reflects China’s strategic opening of FX access and CNY internationalization.
– Supported by global demand for Chinese assets and Belt & Road financing projects.
4. USD/GBP
– Remains relevant, though relative volume decreased.
– Impacted by post-Brexit settlement dislocations and softer UK growth.
5. EUR/GBP
– Still an important European pair, especially for cross-border hedging within the continent.
– Experienced heightened trading erraticism
Explore this further here: USD/JPY trading.