UK FX Market Hits Record High in Latest Bank of England Survey
The UK foreign exchange market has hit a record high in the latest survey by the Bank of England, with average daily turnover reaching $4,609 billion in April 2026. This marks a significant increase from both the previous semi-annual survey in October 2025 and the same period last year, with growth across all major instrument types.
FX swaps drove the increase, rising by $332 billion to $2,172 billion, while FX spot climbed 18% to $1,253 billion and FX options jumped 49% to $309 billion. The top traded currency pair remains USD/EUR, with average daily turnover of $1,094 billion accounting for 24% of total UK FX turnover.
The growth in the market is consistent with a longer-term expansion that has seen overall average daily UK FX turnover rise steadily from $1,815 billion since April 2008. The survey was conducted among 25 financial institutions active in the UK foreign exchange market and highlights London's sustained leadership in global foreign exchange trading.