The Bank for International Settlements (BIS) Triennial Central Bank Survey is the definitive benchmark for the global foreign exchange market. The 2025 edition reveals significant shifts in forex turnover, market structure, and the dominant currency pairs driving global trade and investment. This guide breaks down the key findings of the 2025 survey, focusing on the top traded pairs, their defining features, cost implications for traders, regulatory considerations, and essential risk checks for navigating the world's largest financial market.
The BIS Triennial Central Bank Survey is the most authoritative and comprehensive global survey of the foreign exchange (FX) and over-the-counter (OTC) derivatives markets. Conducted every three years by the Bank for International Settlements (BIS) — often referred to as the "bank for central banks" — the survey gathers data from more than 1,200 financial institutions across 52 jurisdictions, with the cooperation of central banks and monetary authorities worldwide.
The survey measures:
Since its inception in 1989, the Triennial Survey has become the foundational dataset for policymakers, regulators, academics, and market participants. Its findings influence everything from central bank policy to trading strategies, and they serve as a barometer for global financial market health.
The 2025 BIS Triennial Survey revealed several notable trends that reflect the evolving dynamics of the global foreign exchange market.
Global daily foreign exchange turnover reached US$9.6 trillion in April 2025, up from US$7.5 trillion in 2022 — a 28% increase. This growth was driven by:
The US dollar (USD) maintained its position as the world's dominant currency, involved on one side of approximately 88% of all transactions. This dominance is unchanged from prior surveys and underscores the dollar's critical role as the global reserve currency and medium of exchange.
One of the most significant shifts in 2025 was the continued rise of emerging market currencies. The Chinese renminbi (CNY) increased its share of global turnover to around 7.5%, making it the fifth most traded currency. The Indian rupee (INR) and the Brazilian real (BRL) also showed notable gains, driven by the expansion of their domestic financial markets and increased international trade flows.
The 2025 BIS survey reconfirmed the dominance of a handful of currency pairs that together account for the vast majority of daily turnover. These pairs are characterised by their high liquidity, tight spreads, and deep order books.
The EUR/USD pair remained the most actively traded currency pair in the world, accounting for approximately 28% of daily turnover. As the two largest economic blocs (the Eurozone and the United States) are at the heart of global trade and finance, the pair benefits from deep liquidity, narrow spreads, and high predictability in trading patterns.
The USD/JPY pair maintained its position as the second most traded pair, with around 17% of daily turnover. The Japanese yen's status as a safe-haven currency, combined with the Bank of Japan's monetary policy divergence from other major central banks, keeps this pair at the forefront of global trading.
The GBP/USD pair accounted for approximately 12% of daily turnover. Despite the UK's economic uncertainties, the pound remains a major currency, supported by London's status as the world's leading financial centre and the UK's significant trade links with the US.
The USD/CNY pair continued its upward trajectory, capturing around 7.5% of daily turnover. China's growing economic weight, the internationalisation of the renminbi, and the expansion of offshore CNY trading hubs have all contributed to this pair's ascent.
Other pairs that featured prominently in the 2025 survey included AUD/USD (approximately 6%), USD/CAD (approximately 5%), and USD/CHF (approximately 4%). Emerging market pairs such as USD/INR and USD/BRL also registered significant year-on-year growth.
The top pairs identified in the BIS survey share several characteristics that make them attractive to a wide range of market participants. Understanding these features can help traders choose the best pairs for their strategies.
The top pairs boast the deepest order books, with tight bid-ask spreads and the ability to absorb large orders without significant price slippage. This is particularly beneficial for scalpers, day traders, and institutions executing high-volume transactions.
Major pairs like EUR/USD and USD/JPY trade on the most transparent market structures, with price discovery driven by a wide range of participants including central banks, commercial banks, hedge funds, and retail traders. This reduces the risk of market manipulation and price anomalies.
The top pairs are closely tied to economic data releases — interest rate decisions, inflation reports, employment figures, and GDP growth — making them predictable and tradable around major news events.
While the top pairs are generally less volatile than exotic pairs, they still offer ample trading opportunities. Geopolitical events, central bank policy shifts, and global risk sentiment can create sharp movements in these pairs, providing both risk and reward.
The BIS survey data has direct implications for trading costs. Higher turnover generally translates into lower transaction costs, benefiting retail and institutional traders alike.
In the top pairs, spreads are typically the tightest in the market. For example, EUR/USD can trade with spreads as low as 0.2–0.5 pips during peak liquidity hours, while USD/JPY and GBP/USD offer similarly tight conditions. In contrast, exotic or less liquid pairs can carry spreads of 5–10 pips or more, significantly increasing the cost of each trade.
Many brokers offer commission-based accounts (often called ECN or raw spread accounts) where the cost per trade is a fixed fee per lot. For the top pairs, these commissions are often lower relative to the spread savings, making them attractive for active traders.
In high-liquidity pairs, slippage — the difference between the expected price and the actual execution price — is minimal, even during volatile market conditions. This reduces the cost of entries and exits, especially during news events.
The BIS survey data is not just a market curiosity; it is a critical input for financial regulators and policymakers around the world.
The Commodity Futures Trading Commission (CFTC), the Federal Reserve, and the European Central Bank (ECB) use the BIS survey to assess systemic risk in the financial system. The data helps regulators understand the concentration of risk in specific currency pairs, identify potential market disruptions, and design macroprudential policies.
The survey enhances transparency in OTC markets, which are traditionally less visible than exchange-traded markets. The Financial Stability Board (FSB) and the Bank for International Settlements regularly cite the survey in their reports on global financial stability.
For retail traders, the survey data underscores the importance of trading in liquid, well-regulated markets. The National Futures Association (NFA) and the Financial Industry Regulatory Authority (FINRA) provide investor education materials that emphasise the risks of trading illiquid or exotic currency pairs, which are more prone to manipulation and wider spreads.
Always verify current rules, fees, spreads, rates, broker availability, and platform terms with the relevant authority or provider. The regulatory landscape evolves, and the survey data provides a snapshot that must be interpreted within the current legal and compliance framework.
The BIS survey data offers actionable insights for retail and institutional traders alike.
By focusing on the top traded pairs, traders can reduce transaction costs, avoid slippage, and benefit from deeper liquidity. The survey data provides a clear ranking of which pairs to prioritise.
Understanding the turnover concentration helps traders anticipate market behaviour. For example, if a major economic announcement is due, the top pairs will likely experience the most significant price movements, but also the most efficient execution. Exotic pairs may become almost untradeable during such times.
The survey's trend data — showing which pairs are gaining or losing market share — can inform longer-term strategic decisions. For instance, the rise of USD/CNY suggests that traders should familiarise themselves with the drivers of the Chinese economy and the renminbi's behaviour.
The table below provides a comparative overview of the top traded pairs based on the 2025 BIS survey data, along with indicative trading costs.
| Currency Pair | Daily Turnover Share | Typical Spread (pips) | Liquidity Level | Volatility (Avg. Daily Range) | Best Trading Sessions |
|---|---|---|---|---|---|
| EUR/USD | 28% | 0.2 – 0.5 | Extremely High | 60 – 100 pips | London & New York |
| USD/JPY | 17% | 0.3 – 0.7 | Very High | 50 – 90 pips | Tokyo & London |
| GBP/USD | 12% | 0.5 – 1.0 | High | 70 – 120 pips | London & New York |
| USD/CNY | 7.5% | 2.0 – 4.0 | Medium – High | 100 – 200 pips | Shanghai & Hong Kong |
| AUD/USD | 6% | 0.8 – 1.5 | Medium – High | 60 – 110 pips | Asia & London |
| USD/CAD | 5% | 0.8 – 1.5 | Medium | 60 – 120 pips | London & New York |
⚠️ Note: Spreads and volatility ranges are indicative and vary by broker, market conditions, and time of day. Always verify current costs directly with your broker before trading.
Use this checklist to make informed decisions based on the BIS survey data:
📌 Scenario: Maria is a retail forex trader based in London who primarily trades the EUR/USD pair. She has been following the BIS Triennial Surveys for several years and uses the data to inform her pair selection and timing.
Upon reviewing the 2025 survey results, Maria notes that EUR/USD's share of daily turnover remains stable at around 28%, confirming its position as the most liquid market. She also observes that USD/CNY has grown by 1.5 percentage points since 2022, suggesting increased institutional interest in the renminbi.
Maria decides to continue focusing on EUR/USD for her daily trades but allocates a small portion of her capital to USD/CNY, recognising that the pair's growing liquidity may present new opportunities. She tests both pairs on her broker's platform and finds that EUR/USD offers an average spread of 0.4 pips, while USD/CNY offers 2.8 pips — a cost she is willing to accept for the potential returns.
This scenario illustrates how the BIS survey data can be used to make strategic choices about which pairs to trade, balancing cost against opportunity.
While the top pairs are highly liquid, they are not immune to sharp movements. Unexpected central bank announcements, geopolitical shocks, or market sentiment shifts can cause significant volatility in even the most traded pairs.
Some traders assume that the top pairs are equally liquid 24/7. In reality, liquidity in EUR/USD is much deeper during the London–New York overlap than during the Asian session. Trading outside peak hours can lead to wider spreads and greater slippage.
The survey is a historical measure of trading activity. While it provides valuable insights into market structure and trends, it does not predict future price movements. Traders should not rely solely on the survey data for trading decisions.
Some traders stick exclusively to the traditional majors (EUR/USD, USD/JPY, GBP/USD) and miss opportunities in rapidly growing markets like USD/CNY. However, these pairs come with higher costs and different risk profiles that require careful study.
Even if you trade a highly liquid pair, poor broker execution — such as requotes, slippage, or slow order filling — can erase your profits. The BIS data does not reflect the quality of service provided by individual brokers.
Trading forex, even in the most liquid pairs identified by the BIS survey, carries substantial risk of loss. The Commodity Futures Trading Commission (CFTC) has repeatedly warned that retail investors often lose money in leveraged forex trading. The National Futures Association (NFA) maintains a BASIC database that allows traders to check the registration and disciplinary history of forex firms — a critical step in protecting yourself against fraud.