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Foreign Exchange Turnover Report – October 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$m)
  Oct 2025 Apr 2025
  US$m US$m
a Adjusted for reporting dealer double counting. Daily average for Oct 2025 calculated on 22 trading days (Apr 2025 calculated on 19 trading days).

b Totals and sub-totals may not sum due to rounding.
Outright Spot 41,689 50,669
Outright Forwards 30,015 35,691
FX Swaps 100,621 107,190
TRADITIONAL FOREIGN EXCHANGE TURNOVERb 172,327 193,550
Currency Swaps 5,285 5,958
OTC Options 940 1,185
TOTAL TURNOVER 178,553 200,694
Table 2: Foreign Exchange Turnover by Instrument and Counterpartya,b Daily average (US$m)
  Oct 2025 Apr 2025
  US$m US$m
a Adjusted for reporting dealer double counting. Daily average for Oct 2025 calculated on 22 trading days (Apr 2025 calculated on 19 trading days).

b Totals and sub-totals may not sum due to rounding.
Outright Spot 41,689 50,669
Financial Institutions - Local 6,332 7,648
Financial Institutions - Overseas 34,260 40,070
Non-financial Institutions - Local 1,042 2,756
Non-financial Institutions - Overseas 56 195
Outright Forwards 30,015 35,691
Financial Institutions - Local 8,465 13,090
Financial Institutions - Overseas 19,752 19,975
Non-financial Institutions - Local 1,634 2,364
Non-financial Institutions - Overseas 164 262
FX Swaps 100,621 107,190
Financial Institutions - Local 19,696 18,507
Financial Institutions - Overseas 77,507 85,517
Non-financial Institutions - Local 1,377 1,987
Non-financial Institutions - Overseas 2,041 1,179
Currency Swaps 5,285 5,958
Financial Institutions - Local 1,254 1,202
Financial Institutions - Overseas 3,080 4,253
Non-financial Institutions - Local 52 120
Non-financial Institutions - Overseas 900 383
OTC Options 940 1,185
Financial Institutions - Local 166 107
Financial Institutions - Overseas 330 778
Non-financial Institutions - Local 421 260
Non-financial Institutions - Overseas 23 41
Table 3: Foreign Exchange Turnover by Currencya Daily average (US$m)
Oct 2025 Proportion of Totalb Apr 2025 Proportion of Totalb
  US$m % US$m %
a Adjusted for reporting dealer double counting. Daily average for Oct 2025 calculated on 22 trading days (Apr 2025 calculated on 19 trading days).

b Totals and sub-totals may not sum due to rounding. As two currencies are involved in each transaction, the sum of shares in individual currencies will total 200%.
AUD 84,044 47 93,582 47
USD 160,166 90 180,512 90
EUR 28,989 16 35,912 18
OTHER CURRENCIES 83,902 47 91,343 46
TOTAL 178,550   200,692  
Table 4: Foreign Exchange Turnover by Currency Paira,b Daily average (US$m)
  Oct 2025 Proportion of Total Apr 2025 Proportion of Total
  US$m % US$m %
a Adjusted for reporting dealer double counting. Daily average for Oct 2025 calculated on 22 trading days (Apr 2025 calculated on 19 trading days).

b Totals and sub-totals may not sum due to rounding.
AUD/USD 74,358 42 82,749 41
AUD/EUR 4,311 2 4,312 2
AUD/JPY 1,401 1 1,905 1
AUD/GBP 988 1 1,209 1
AUD/CHF 446 0 466 0
AUD/CAD 470 0 476 0
AUD/NZD 834 0 1,014 1
AUD/SEK 52 0 155 0
AUD/OTHER ASIAN 912 1 977 0
AUD/OTHER EUROPEAN 86 0 115 0
AUD/OTHER 185 0 206 0
EUR/USD 19,770 11 25,911 13
USD/JPY 18,955 11 23,182 12
USD/GBP 12,220 7 13,505 7
USD/CHF 3,768 2 3,463 2
USD/CAD 3,620 2 3,866 2
USD/NZD 17,134 10 14,986 7
USD/SEK 467 0 558 0
USD/OTHER ASIAN 7,951 4 10,714 5
USD/OTHER EUROPEAN 572 0 738 0
USD/OTHER 1,350 1 841 0
EUR/JPY 1,589 1 1,393 1
EUR/GBP 1,342 1 1,306 1
EUR/CHF 289 0 552 0
EUR/CAD 535 0 745 0
EUR/NZD 238 0 379 0
EUR/SEK 78 0 243 0
EUR/OTHER ASIAN 454 0 451 0
EUR/OTHER EUROPEAN 288 0 521 0
EUR/OTHER 95 0 100 0
RESIDUAL CURRENCIES 3,791 2 3,657 2
TOTALb 178,550   200,692
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 Oct 2025 calculated on 22 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 17,882 4,493 3,270 5,353 2,537 744
Against AUD 8,977 3,113 2,136 2,984 1,881 441
Against USDc 7,088 1,348 1,029 2,190 632 290
Against EURc 921 17 21 47 6 4
OTHER CURRENCIES 895 16 84 133 18 9
FX Swaps 45,669 40,906 8,006 9,376 5,599 3,600
Against AUD 22,071 18,636 3,814 4,317 3,471 1,111
Against USDc 23,554 22,114 4,057 4,783 1,980 2,427
Against EURc 27 134 80 215 119 42
OTHER CURRENCIES 16 22 57 61 28 19
Currency Swaps 124 73 20 68 766 5,199
Against AUD 94 43 20 34 700 3,139
Against USDc 30 30 0 34 67 1,979
Against EURc 0 0 0 0 0 66
OTHER CURRENCIES 0 0 0 0 0 15
OTC Options 3 44 86 250 241 461
Against AUD 1 18 28 110 140 227
Against USDc 2 26 55 136 98 67
Against EURc 0 0 3 3 3 3
OTHER CURRENCIES 0 0 0 1 0 164
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 Oct 2025 calculated on 22 trading days.

b Totals and sub-totals may not sum due to rounding.
Outright Spot 14,938 1,212 390 234 117 165 392 20 325 41 140 17,976
Financial Institutions - Local 2,868 193 164 95 45 57 86 4 105 14 18 3,649
Financial Institutions - Overseas 11,300 931 218 112 69 96 277 15 175 25 114 13,333
Non-financial Institutions - Local 766 88 8 28 3 11 28 1 44 2 8 988
Non-financial Institutions - Overseas 4 0 0 0 0 0 1 0 1 0 0 7
Outright Forwards 13,926 1,066 456 341 210 196 181 24 324 31 33 16,787
Financial Institutions - Local 5,067 451 263 187 136 99 36 12 165 11 19 6,446
Financial Institutions - Overseas 7,657 510 135 120 54 59 104 5 107 17 12 8,780
Non-financial Institutions - Local 1,181 104 58 32 21 38 37 7 51 3 2 1,533
Non-financial Institutions - Overseas 20 1 0 2 0 0 3 0 1 0 0 28
FX Swaps 41,995 1,989 474 320 116 105 250 7 259 14 13 45,542
Financial Institutions - Local 12,120 798 197 202 56 66 88 7 136 9 3 13,681
Financial Institutions - Overseas 27,737 1,081 263 64 60 31 108 0 82 4 7 29,435
Non-financial Institutions - Local 758 110 9 50 0 7 43 0 40 1 3 1,022
Non-financial Institutions - Overseas 1,379 1 5 4 0 2 11 0 1 0 0 1,403
Currency Swaps 3,031 40 77 92 0 4 0 0 0 0 0 3,245
Financial Institutions - Local 887 0 53 91 0 0 0 0 0 0 0 1,031
Financial Institutions - Overseas 1,775 19 22 0 0 2 0 0 0 0 0 1,818
Non-financial Institutions - Local 24 21 3 2 0 2 0 0 0 0 0 52
Non-financial Institutions - Overseas 345 0 0 0 0 0 0 0 0 0 0 345
OTC Options 468 3 4 1 2 0 12 0 4 0 0 494
Financial Institutions - Local 34 0 3 0 0 0 0 0 0 0 0 37
Financial Institutions - Overseas 110 1 1 1 0 0 11 0 3 0 0 126
Non-financial Institutions - Local 325 2 0 1 2 0 1 0 1 0 0 330
Non-financial Institutions - Overseas 0 0 0 0 0 0 0 0 0 0 0 0
Total AUD Turnover 74,358 4,311 1,401 988 446 470 834 52 912 86 185 84,044
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 Oct 2025 calculated on 22 trading days.

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

c USD turnover excludes AUD/USD turnover.
Outright Spot 3,880 3,689 3,396 400 937 3186 113 1,845 145 542 18,133
Financial Institutions - Local 535 502 378 81 192 199 15 375 16 53 2,344
Financial Institutions - Overseas 3,331 3,184 3,012 317 737 2,954 98 1,447 128 486 15,694
Non-financial Institutions - Local 11 1 6 2 4 7 0 13 1 2 47
Non-financial Institutions - Overseas 3 2 1 0 4 26 0 9 0 1 46
Outright Forwards 2,601 1,459 1,693 496 727 1,219 128 2,248 114 399 11,084
Financial Institutions - Local 600 85 355 140 56 197 9 401 17 73 1,933
Financial Institutions - Overseas 1,948 1,371 1,331 356 658 995 118 1,784 83 319 8,962
Non-financial Institutions - Local 14 1 5 0 11 9 0 40 15 4 98
Non-financial Institutions - Overseas 40 2 3 0 2 18 1 23 0 3 92
FX Swaps 13,161 13,402 6,964 2,873 1,954 11,266 226 3,791 308 351 54,296
Financial Institutions - Local 1,148 921 585 101 280 2,300 14 333 31 38 5,750
Financial Institutions - Overseas 11,911 12,221 6,368 2,755 1,640 8,587 206 3,380 261 287 47,617
Non-financial Institutions - Local 78 34 2 15 34 69 5 39 16 25 317
Non-financial Institutions - Overseas 23 227 8 2 1 310 0 39 0 2 612
Currency Swaps 110 315 166 0 0 1,391 0 2 0 0 1,983
Financial Institutions - Local 4 11 44 0 0 141 0 1 0 0 200
Financial Institutions - Overseas 95 258 122 0 0 757 0 1 0 0 1,234
Non-financial Institutions - Local 0 0 0 0 0 0 0 0 0 0 0
Non-financial Institutions - Overseas 11 46 0 0 0 493 0 0 0 0 550
OTC Options 18 89 1 0 2 72 0 66 5 57 311
Financial Institutions - Local 5 62 1 0 2 12 0 5 0 0 87
Financial Institutions - Overseas 9 27 0 0 0 41 0 58 2 57 194
Non-financial Institutions - Local 4 0 0 0 0 0 0 2 2 0 9
Non-financial Institutions - Overseas 0 0 0 0 0 20 0 1 0 0 21
Total USD Turnoverc 19,770 18,955 12,220 3,768 3,620 17,134 467 7,951 572 1,350 85,807
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 Oct 2025 calculated on 22 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 1,138 919 157 295 87 46 310 225 86 3,263 2,317 41,689
Financial Institutions - Local 53 83 6 3 14 4 12 8 19 202 137 6,332
Financial Institutions - Overseas 1,085 836 151 292 72 42 297 218 66 3,058 2,174 34,260
Non-financial Institutions - Local 1 0 0 0 0 0 0 0 1 2 4 1,042
Non-financial Institutions - Overseas 0 0 0 0 1 0 0 0 0 1 2 56
Outright Forwards 239 380 51 236 16 12 55 9 5 1,003 1,141 30,015
Financial Institutions - Local 1 8 2 9 6 1 0 0 0 28 58 8,465
Financial Institutions - Overseas 237 368 48 227 8 11 43 8 2 953 1,058 19,752
Non-financial Institutions - Local 0 2 0 0 0 0 0 0 1 3 1 1,634
Non-financial Institutions - Overseas 1 2 0 0 1 0 12 0 3 19 24 164
FX Swaps 205 39 82 4 88 20 89 54 1 582 201 100,621
Financial Institutions - Local 92 18 0 1 43 7 42 43 0 246 18 19,696
Financial Institutions - Overseas 112 7 81 2 43 10 45 10 1 311 144 77,507
Non-financial Institutions - Local 0 14 0 0 0 0 2 0 0 16 21 1,377
Non-financial Institutions - Overseas 2 0 1 0 2 3 1 0 0 8 18 2,041
Currency Swaps 3 0 0 0 47 0 0 0 0 50 7 5,285
Financial Institutions - Local 0 0 0 0 16 0 0 0 0 16 7 1,254
Financial Institutions - Overseas 3 0 0 0 26 0 0 0 0 29 0 3,080
Non-financial Institutions - Local 0 0 0 0 0 0 0 0 0 0 0 52
Non-financial Institutions - Overseas 0 0 0 0 5 0 0 0 0 5 0 900
OTC Options 4 3 0 0 0 0 0 0 3 11 124 940
Financial Institutions - Local 1 2 0 0 0 0 0 0 0 2 40 166
Financial Institutions - Overseas 3 2 0 0 0 0 0 0 3 8 2 330
Non-financial Institutions - Local 0 0 0 0 0 0 0 0 0 0 81 421
Non-financial Institutions - Overseas 0 0 0 0 0 0 0 0 0 0 1 23
Total EUR Turnoverc 1,589 1,342 289 535 238 78 454 288 95 4,908 3,791 178,550