Bank of England: Semi-Annual FX Turnover Survey results04 February 2026

2026-02-05 · Forex · QuoteReporter

Summary

The Bank of England has released the results of the semi-annual Foreign Exchange Joint Standing Committee (FXJSC) Turnover Survey for October 2025. The survey, involving 25 financial institutions active in the UK foreign exchange (FX) market, provides insights into trading volumes and currency pair movements as of October 2025.

Key Details

The October 2025 FXJSC survey indicates an average daily UK FX turnover of $3,850 billion, marking a 5% decrease from the April 2025 survey but showing a significant 20% increase from October 2024. The decline in turnover since April was primarily seen in FX spot transactions, which dropped from $1,293 billion to $1,059 billion. Conversely, FX swaps experienced an increase, rising 18% to $1,840 billion. The most traded currency pairs remained USD/EUR, USD/JPY, and USD/GBP, with USD/EUR accounting for 23% of the total FX turnover.

Economic Context

The survey results reflect broader trends in the global and UK economies, including shifts in trade volumes and currency valuation. The year-over-year increase in turnover suggests a growing engagement in currency trading amid economic recovery phases and market volatility. However, the semi-annual decrease could indicate short-term adjustments or seasonal fluctuations in market participant behavior.

Market Implications

The detailed turnover data, particularly the shifts in major currency pairs and the types of instruments traded, are critical for understanding liquidity and risk in the FX market. These factors directly influence the GBP valuation and can impact broader financial markets, including gilts and equity markets. The data also provides the Bank of England and market participants with essential insights that could influence future monetary policy decisions, especially concerning interest rates and inflation targeting.

Next Steps

The Bank of England and the FXJSC will continue to monitor FX market activities through these semi-annual surveys. The next survey results are expected to be published in April 2026, providing further updates on market trends and shifts. These ongoing assessments play a crucial role in shaping the Bank’s understanding of market dynamics and formulating appropriate policy responses.

Original Bank of England Announcement

Title: News // Semi-Annual FX Turnover Survey results
04 February 2026
Results of the Foreign Exchange Joint Standing…
Date: 2026-02-04
Source: BankofEngland.co.uk