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Foreign Exchange Turnover Report – April 2025

List of tables

Table 1: Foreign Exchange Turnover by Instrument

Table 2: Foreign Exchange Turnover by Instrument and Counterparty

Table 3: Foreign Exchange Turnover by Currency

Table 4: Foreign Exchange Turnover by Currency Pair

Table 5: Maturities by Instrument and Currency

Table 6a: AUD Turnover by Instrument, Counterparty and Currency

Table 6b: USD Turnover by Instrument, Counterparty and Currency

Table 6c: EUR Turnover by Instrument, Counterparty and Currency

Table 1: Foreign Exchange Turnover by Instrumenta,b Daily average (US$m)
  Apr 2025 Oct 2024
  US$m US$m
a Adjusted for reporting dealer double counting. Daily average for Apr 2025 calculated on 19 trading days (Oct 2024 calculated on 22 trading days).

b Totals and sub-totals may not sum due to rounding.
Outright Spot 50,645 45,872
Outright Forwards 35,674 28,160
FX Swaps 107,190 101,240
TRADITIONAL FOREIGN EXCHANGE TURNOVERb 193,509 175,272
Currency Swaps 5,958 5,276
OTC Options 1,184 1,121
TOTAL TURNOVER 200,652 181,670
Table 2: Foreign Exchange Turnover by Instrument and Counterpartya,b Daily average (US$m)
  Apr 2025 Oct 2024
  US$m US$m
a Adjusted for reporting dealer double counting. Daily average for Apr 2025 calculated on 19 trading days (Oct 2024 calculated on 22 trading days).

b Totals and sub-totals may not sum due to rounding.
Outright Spot 50,645 45,872
Financial Institutions - Local 7,647 7,234
Financial Institutions - Overseas 40,047 37,279
Non-financial Institutions - Local 2,756 1,236
Non-financial Institutions - Overseas 195 122
Outright Forwards 35,674 28,160
Financial Institutions - Local 13,081 9,002
Financial Institutions - Overseas 19,967 17,158
Non-financial Institutions - Local 2,364 1,830
Non-financial Institutions - Overseas 262 170
FX Swaps 107,190 101,240
Financial Institutions - Local 18,507 33,480
Financial Institutions - Overseas 85,517 65,874
Non-financial Institutions - Local 1,987 1,206
Non-financial Institutions - Overseas 1,179 680
Currency Swaps 5,958 5,276
Financial Institutions - Local 1,202 1,340
Financial Institutions - Overseas 4,253 3,437
Non-financial Institutions - Local 120 75
Non-financial Institutions - Overseas 383 423
OTC Options 1,184 1,121
Financial Institutions - Local 106 100
Financial Institutions - Overseas 778 749
Non-financial Institutions - Local 260 214
Non-financial Institutions - Overseas 41 58
Table 3: Foreign Exchange Turnover by Currencya Daily average (US$m)
Apr 2025 Proportion of Totalb Oct 2024 Proportion of Totalb
  US$m % US$m %
a Adjusted for reporting dealer double counting. Daily average for Apr 2025 calculated on 19 trading days (Oct 2024 calculated on 22 trading days).

b Totals and sub-totals may not sum due to rounding.
AUD 93,574 47 80,020 44
USD 180,471 90 163,099 90
EUR 35,904 18 34,121 19
OTHER CURRENCIES 91,317 46 86,096 47
TOTAL 200,651   181,668  
Table 4: Foreign Exchange Turnover by Currency Paira,b Daily average (US$m)
  Apr 2025 Proportion of Total Oct 2024 Proportion of Total
  US$m % US$m %
a Adjusted for reporting dealer double counting. Daily average for Apr 2025 calculated on 19 trading days (Oct 2024 calculated on 22 trading days).

b Totals and sub-totals may not sum due to rounding.
AUD/USD 82,741 41 70,878 39
AUD/EUR 4,312 2 3,391 2
AUD/JPY 1,905 1 1,475 1
AUD/GBP 1,209 1 1,091 1
AUD/CHF 466 0 283 0
AUD/CAD 476 0 390 0
AUD/NZD 1,014 1 1,151 1
AUD/SEK 155 0 112 0
AUD/OTHER ASIAN 977 0 868 0
AUD/OTHER EUROPEAN 115 0 153 0
AUD/OTHER 206 0 227 0
EUR/USD 25,903 13 24,441 13
USD/JPY 23,182 12 15,128 8
USD/GBP 13,505 7 13,229 7
USD/CHF 3,463 2 1,683 1
USD/CAD 3,865 2 3,694 2
USD/NZD 14,961 7 19,589 11
USD/SEK 558 0 558 0
USD/OTHER ASIAN 558 0 558 0
USD/OTHER EUROPEAN 738 0 1,117 1
USD/OTHER 841 0 1,091 1
EUR/JPY 1,393 1 1,839 1
EUR/GBP 1,306 1 2,150 1
EUR/CHF 552 0 403 0
EUR/CAD 745 0 770 0
EUR/NZD 379 0 368 0
EUR/SEK 243 0 148 0
EUR/OTHER ASIAN 451 0 211 0
EUR/OTHER EUROPEAN 521 0 338 0
EUR/OTHER 100 0 62 0
RESIDUAL CURRENCIES 3,657 2 3,137 2
TOTALb 200,651   181,668  
Table 5: Maturities by Instrument and Currencya,b Daily average (US$m)
  One day Over 1 day and up to 7 days Seven days to one month One month to three months Three months to six months Over six months
  US$m US$m US$m US$m US$m US$m
a Not adjusted for reporting dealer double counting. Daily average for Apr 2025 calculated on 19 trading days.

b Totals and sub-totals may not sum due to rounding.

c ‘Against USD’ excludes AUD/USD turnover; ‘Against EUR’ excludes AUD/EUR and EUR/USD turnover.
Outright Forwards 20,387 5,785 4,110 7,058 2,783 1,511
Against AUD 10,970 4,294 2,784 4,567 2,206 1,048
Against USDc 7,173 1,449 1,241 2,327 518 438
Against EURc 1,104 21 42 87 43 15
OTHER CURRENCIES 1,140 21 43 77 16 10
FX Swaps 41,470 45,302 8,057 12,701 6,495 4,716
Against AUD 18,747 18,073 3,317 5,961 4,483 2,622
Against USDc 22,562 27,005 4,439 6,554 1,881 1,980
Against EURc 108 138 257 126 90 83
OTHER CURRENCIES 53 86 44 59 40 31
Currency Swaps 168 2 13 211 840 5,583
Against AUD 168 0 11 105 683 4,538
Against USDc 0 1 2 105 157 1,039
Against EURc 0 0 0 0 0 7
OTHER CURRENCIES 0 0 0 0 0 0
OTC Options 3 116 178 329 219 402
Against AUD 3 25 69 144 147 271
Against USDc 0 90 107 183 72 126
Against EURc 0 1 1 1 0 2
OTHER CURRENCIES 0 0 1 1 0 4
Table 6a: AUD Turnover by Instrument, Counterparty and Currencya,b Daily average (US$m)
  AUD Against
  USD EUR JPY GBP CHF CAD NZD SEK Oth ASIAN Oth EUROP. OTHER TOTAL
a Adjusted for reporting dealer double counting. Daily average for Apr 2025 calculated on 19 trading days.

b Totals and sub-totals may not sum due to rounding.
Outright Spot 18,043 854 576 460 123 134 473 93 218 53 172 21,199
Financial Institutions - Local 3,255 203 194 178 25 44 117 7 62 6 11 4,100
Financial Institutions - Overseas 12,679 590 369 259 95 83 315 85 114 46 155 14,790
Non-financial Institutions - Local 2,084 61 13 23 2 7 41 1 42 1 5 2,281
Non-financial Institutions - Overseas 26 1 0 0 0 0 1 0 0 0 0 28
Outright Forwards 18,111 1,044 745 387 231 223 204 42 418 46 31 21,483
Financial Institutions - Local 8,263 684 471 270 181 139 61 23 267 22 20 10,402
Financial Institutions - Overseas 7,943 281 238 96 42 73 111 19 83 23 8 8,918
Non-financial Institutions - Local 1,888 74 35 18 6 11 30 1 68 1 2 2,133
Non-financial Institutions - Overseas 17 4 0 2 1 0 3 0 2 0 0 30
FX Swaps 41,511 2,249 570 345 113 119 330 20 266 15 3 45,540
Financial Institutions - Local 11,619 922 192 215 69 60 132 12 119 8 2 13,351
Financial Institutions - Overseas 28,168 1,220 340 93 43 44 137 4 90 4 1 30,144
Non-financial Institutions - Local 1,222 87 38 33 1 15 53 3 57 2 1 1,512
Non-financial Institutions - Overseas 502 19 0 4 0 0 7 0 0 0 0 533
Currency Swaps 4,469 160 12 17 0 0 0 0 69 0 0 4,728
Financial Institutions - Local 1,010 58 7 0 0 0 0 0 0 0 0 1,075
Financial Institutions - Overseas 3,109 44 5 0 0 0 0 0 31 0 0 3,189
Non-financial Institutions - Local 7 59 0 17 0 0 0 0 38 0 0 120
Non-financial Institutions - Overseas 344 0 0 0 0 0 0 0 0 0 0 344
OTC Options 607 4 3 0 0 0 7 0 4 0 0 625
Financial Institutions - Local 39 0 0 0 0 0 0 0 0 0 0 39
Financial Institutions - Overseas 318 2 2 0 0 0 6 0 1 0 0 329
Non-financial Institutions - Local 249 1 0 0 0 0 0 0 4 0 0 254
Non-financial Institutions - Overseas 1 1 0 0 0 0 0 0 0 0 0 3
Total AUD Turnover 82,741 4,312 1,905 1,209 466 476 1,014 155 977 115 206 93,574
Table 6b: USD Turnover by Instrument, Counterparty and Currencya,b,c Daily average (US$m)
  USD Against
  EUR JPY GBP CHF CAD NZD SEK Oth ASIAN Oth EUROP. OTHER TOTAL
a Adjusted for reporting dealer double counting. Daily average for Apr 2025 calculated on 19 trading days.

b Totals and sub-totals may not sum due to rounding.

c USD turnover excludes AUD/USD turnover.
Outright Spot 6,644 5,258 3,029 812 1,436 2498 119 3,232 187 477 23,691
Financial Institutions - Local 880 798 312 147 221 250 18 437 32 72 3,167
Financial Institutions - Overseas 5,657 4,421 2,554 662 1,199 2,017 101 2,744 154 400 19,909
Non-financial Institutions - Local 80 17 147 2 2 191 0 25 0 2 467
Non-financial Institutions - Overseas 28 22 16 1 14 40 0 24 0 3 149
Outright Forwards 3,320 2,330 1,468 203 795 990 82 2,178 98 190 11,654
Financial Institutions - Local 823 282 373 63 91 230 17 514 25 43 2,461
Financial Institutions - Overseas 2,383 2,040 1,065 138 688 688 64 1,524 69 134 8,794
Non-financial Institutions - Local 58 3 19 2 8 49 0 67 4 7 218
Non-financial Institutions - Overseas 55 4 10 0 9 23 0 73 0 6 181
FX Swaps 15,412 15,156 8,919 2,437 1,631 11,046 356 5,060 451 143 60,612
Financial Institutions - Local 1,062 930 566 198 243 1,512 9 386 36 35 4,978
Financial Institutions - Overseas 14,118 14,089 8,269 2,127 1,357 9,204 334 4,555 412 102 54,568
Non-financial Institutions - Local 157 89 72 33 6 49 13 30 3 4 455
Non-financial Institutions - Overseas 75 47 12 79 25 281 0 89 0 2 612
Currency Swaps 492 343 75 0 0 293 0 21 0 0 1,224
Financial Institutions - Local 27 35 0 0 0 65 0 0 0 0 127
Financial Institutions - Overseas 464 302 73 0 0 195 0 21 0 0 1,057
Non-financial Institutions - Local 0 0 0 0 0 0 0 0 0 0 0
Non-financial Institutions - Overseas 0 6 2 0 0 32 0 0 0 0 39
OTC Options 36 96 14 10 3 135 0 222 3 30 549
Financial Institutions - Local 8 3 5 1 2 18 0 24 3 5 67
Financial Institutions - Overseas 24 93 8 10 0 92 0 189 0 25 441
Non-financial Institutions - Local 2 0 1 0 0 2 0 0 0 0 5
Non-financial Institutions - Overseas 2 0 0 0 1 24 0 10 0 0 36
Total USD Turnoverc 25,903 23,182 13,505 3,463 3,865 14,961 558 10,713 738 841 97,730
Table 6c: EUR Turnover by Instrument, Counterparty and Currencya,b,c Daily average (US$m)
  EUR Against    
  JPY GBP CHF CAD NZD SEK Oth ASIAN Oth EUROP. OTHER TOTAL RESIDUALS GRAND TOTALd
a Adjusted for reporting dealer double counting. Daily average for Apr 2025 calculated on 19 trading days.

b Totals and sub-totals may not sum due to rounding.

c EUR turnover excludes AUD/EUR and EUR/USD turnover.

d Grand total is the sum of AUD turnover (Table 6a), USD turnover (Table 6b), EUR turnover (Table 6c) and Residuals (Table 6c).
Outright Spot 769 1,049 428 308 160 166 296 436 77 3,689 2,065 50,645
Financial Institutions - Local 51 51 20 22 50 5 6 24 0 230 150 7,647
Financial Institutions - Overseas 716 987 407 286 109 161 290 412 77 3,444 1,904 40,047
Non-financial Institutions - Local 0 2 0 0 1 0 0 0 0 3 5 2,756
Non-financial Institutions - Overseas 2 8 1 0 1 0 1 0 0 13 6 195
Outright Forwards 343 154 63 429 36 75 88 56 15 1,259 1,278 35,674
Financial Institutions - Local 43 4 35 16 18 15 5 3 0 139 79 13,081
Financial Institutions - Overseas 299 136 27 412 11 60 70 53 13 1,080 1,175 19,967
Non-financial Institutions - Local 0 7 1 0 0 0 0 0 0 8 5 2,364
Non-financial Institutions - Overseas 1 6 1 1 7 0 13 0 2 31 19 262
FX Swaps 271 102 60 8 183 1 66 29 7 729 309 107,190
Financial Institutions - Local 48 28 7 0 60 0 0 5 2 151 27 18,507
Financial Institutions - Overseas 222 65 53 7 117 1 63 18 6 552 253 85,517
Non-financial Institutions - Local 0 8 0 0 2 0 0 0 0 10 10 1,987
Non-financial Institutions - Overseas 1 0 0 1 4 0 3 7 0 16 19 1,179
Currency Swaps 7 0 0 0 0 0 0 0 0 7 0 5,958
Financial Institutions - Local 0 0 0 0 0 0 0 0 0 0 0 1,202
Financial Institutions - Overseas 7 0 0 0 0 0 0 0 0 7 0 4,253
Non-financial Institutions - Local 0 0 0 0 0 0 0 0 0 0 0 120
Non-financial Institutions - Overseas 0 0 0 0 0 0 0 0 0 0 0 383
OTC Options 3 2 1 0 0 0 0 0 0 5 5 1,184
Financial Institutions - Local 0 0 0 0 0 0 0 0 0 0 0 106
Financial Institutions - Overseas 2 2 1 0 0 0 0 0 0 5 3 778
Non-financial Institutions - Local 0 0 0 0 0 0 0 0 0 0 0 260
Non-financial Institutions - Overseas 0 0 0 0 0 0 0 0 0 0 2 41
Total EUR Turnoverc 1,393 1,306 552 745 379 243 451 521 100 5,690 3,657 200,651