FX trading volumes showed mixed signals in June 2025 as markets appeared to stabilize following a volatile few months. After a record-breaking April and a steep decline in May, June brought a modest return to balance across institutional platforms, though uncertainty remains due to persistent geopolitical tensions, trade conflicts, and policy decisions linked to Donald Trump. The US dollar, facing its worst start to a year in over five decades, has added to market unease.
United States: Slight Decline in FX Volume but Daily Averages Rise
In the United States, Cboe FX reported a slight drop in total monthly volume from $1.06 trillion in May to $1.01 trillion in June. However, with fewer trading days in June, the average daily volume (ADV) actually increased to $48.3 billion compared to $47.9 billion the previous month. On a year-over-year basis, both figures improved, with May 2024 seeing volumes just under $971 billion and an ADV of $47.5 billion. Similarly, FXSpotStream followed a comparable trend, with June’s ADV climbing slightly to $99.8 billion from $98.7 billion in May, although this still marks one of the lowest points in 2025 so far.
Japan: Steep Declines in Trading Activity
The Japanese FX market experienced a sharper downturn. On the Tokyo Financial Exchange’s Click 365 platform, total trading volume fell 18% from May and nearly 50% compared to June 2024, reaching 1.18 million contracts. The average daily number of traded contracts declined to 56,225. The USD/JPY pair, while still the most actively traded, suffered a 31% drop in monthly turnover and an 18% year-over-year decrease.
Europe: Euronext Dips While Fastmatch’s 360T Rebounds
In Europe, trading volumes varied by platform. Euronext FX saw a noticeable drop in activity, with total volumes declining to $609.5 billion in June from $719.87 billion in May and far below April’s $893.1 billion. The average daily volume also dropped to $27.7 billion. In contrast, Fastmatch’s 360T platform recorded a strong recovery. After falling to $605.1 billion in May from $871 billion in April, June volumes rebounded to $711.7 billion. ADV also increased from $27.5 billion to $33.9 billion.
Conclusion: Stability May Be Short-Lived
Although June data suggests a period of relative stability, the underlying market conditions remain fragile. With the US dollar index hovering near its lowest point since 2022 and the currency posting its weakest year-start in over 50 years, further volatility may be on the horizon rather than a return to calm.