* Daily averages in April 2025 in billions of US dollars.
1. EUR/USD
EUR/USD (Euro vs US Dollar, also known as “Fiber”) is the euro quoted against the US dollar, and it represents how many US dollars are required to buy one euro. It is classified as a major currency pair because it includes the US dollar and another major currency, and both currencies in the pair are major currencies backed by large, developed economies.
In April 2025, EUR/USD recorded a total average daily trading volume of 2,033 billion US dollars, accounting for 21.2% of total global FX turnover. The value of EUR/USD is closely linked to the interest rate differential between the European Central Bank and the US Federal Reserve, because higher relative US interest rates tend to strengthen the dollar against the euro and vice versa, and traders closely watch policy decisions and forward guidance from both central banks as leading drivers of the pair.
Other important drivers include major macroeconomic indicators such as inflation and employment data from the United States and the euro area, which influence expectations for economic performance and monetary policy direction, and thereby affect the exchange rate.
2. USD/JPY
USD/JPY (US Dollar vs Japanese Yen, also known as “Gopher”) is the US dollar quoted against the Japanese yen, and it represents how many Japanese yen are required to buy one US dollar. It is classified as a major currency pair because it includes the US dollar and another major currency, and both currencies in the pair are major currencies backed by large, developed economies.
In April 2025, USD/JPY recorded a total average daily trading volume of 1,372 billion US dollars, accounting for 14.3% of total global FX turnover. Unlike EUR/USD, the USD/JPY exchange rate is strongly influenced by yield differentials between US Treasury bonds and Japanese government bonds, particularly because the Bank of Japan has historically maintained ultra-low interest rates and yield curve control policies. When US yields rise while Japanese yields remain anchored, USD/JPY tends to move higher as capital flows into higher-yielding US assets.
The pair is also closely linked to global risk sentiment, as the Japanese yen is widely viewed as a safe-haven currency, meaning it often strengthens during periods of market stress and weakens when risk appetite improves.
3. USD/CNY
USD/CNY (US Dollar vs Chinese Yuan) is the US dollar quoted against the Chinese yuan, and it represents how many Chinese yuan are required to buy one US dollar. It is classified as an exotic currency pair because it includes a major currency and an emerging market currency, and the Chinese yuan is categorized as an emerging currency due to China’s capital controls and managed exchange rate regime.
In April 2025, USD/CNY recorded a total average daily trading volume of 781 billion US dollars, accounting for 8.1% of total global FX turnover. Unlike freely floating major pairs, the USD/CNY price is strongly influenced by the policy framework of the People’s Bank of China, which manages the yuan within a controlled trading band against a daily reference rate.
The pair is closely linked to China’s export performance, trade balances, and capital flow conditions, as well as US–China interest rate differentials and geopolitical developments, all of which can drive adjustments in the managed exchange rate and influence market expectations.
4. GBP/USD
GBP/USD (British Pound vs US Dollar, also known as “Cable”) is the British pound quoted against the US dollar, and it represents how many US dollars are required to buy one British pound. It is classified as a major currency pair because it includes the US dollar and another major currency, and both currencies in the pair are major currencies backed by large, developed economies.
In April 2025, GBP/USD recorded a total average daily trading volume of 731 billion US dollars, accounting for 7.6% of total global FX turnover. The GBP/USD rate is especially sensitive to UK interest rate expectations and UK-specific growth and inflation surprises, because shifts in Bank of England policy outlook can quickly reprice the pound.
The pair is also closely linked to UK political and fiscal headlines, such as budget policy and government stability, because these factors can alter investor confidence, capital flows, and risk premiums in UK assets, which then shows up directly in GBP/USD.
5. USD/CAD
USD/CAD (US Dollar vs Canadian Dollar, also known as “Loonie”, referring to the loon bird on the Canadian one-dollar coin) is the US dollar quoted against the Canadian dollar, and it represents how many Canadian dollars are required to buy one US dollar. It is classified as a major currency pair because it includes the US dollar and another major currency, while the Canadian dollar itself is categorized as a commodity currency due to Canada’s large energy and raw material exports.
In April 2025, USD/CAD recorded a total average daily trading volume of 505 billion US dollars, accounting for 5.3% of total global FX turnover. The rate of USD/CAD is closely linked to oil prices, because Canada is a major crude oil exporter and higher oil prices tend to strengthen the Canadian dollar, pushing USD/CAD lower.
The pair is also influenced by interest rate differentials between the Bank of Canada and the US Federal Reserve, but commodity price movements, especially in energy markets, often act as a leading driver of short-term fluctuations.
6. AUD/USD
AUD/USD (Australian Dollar vs US Dollar, also known as “Aussie”) is the Australian dollar quoted against the US dollar, and it represents how many US dollars are required to buy one Australian dollar. It is classified as a major currency pair because it includes the US dollar and another major currency, and the Australian dollar is categorized as a commodity currency due to Australia’s large exports of iron ore, coal, and other raw materials.
In April 2025, AUD/USD recorded a total average daily trading volume of 467 billion US dollars, accounting for 4.9% of total global FX turnover. The price of AUD/USD is closely linked to global commodity demand and Chinese economic growth, because China is Australia’s largest trading partner and demand for industrial commodities directly affects Australia’s export revenues.
The pair is also sensitive to global risk sentiment, as the Australian dollar tends to strengthen when investors favor higher-yielding, growth-linked assets and weaken during periods of market uncertainty.
7. USD/CHF
USD/CHF (US Dollar vs Swiss Franc, also known as “Swissie”) is the US dollar quoted against the Swiss franc, and it represents how many Swiss francs are required to buy one US dollar. It is classified as a major currency pair because it includes the US dollar and another major currency, and both the US dollar and the Swiss franc are major currencies backed by developed economies and highly liquid financial markets.
In April 2025, USD/CHF recorded a total average daily trading volume of 467 billion US dollars, accounting for 4.9% of total global FX turnover. The USD/CHF exchange rate is strongly influenced by safe-haven demand for the Swiss franc, as the franc tends to appreciate during periods of global financial stress due to Switzerland’s political stability and strong external balance.
The pair is also linked to policy decisions from the Swiss National Bank and the US Federal Reserve, particularly when shifts in interest rate differentials or currency intervention expectations alter capital flows between Switzerland and the United States.
8. USD/HKD
USD/HKD (US Dollar vs Hong Kong Dollar) is the US dollar quoted against the Hong Kong dollar, and it represents how many Hong Kong dollars are required to buy one US dollar. It is classified as an exotic currency pair because it includes a major currency and an emerging-market currency, and the Hong Kong dollar is categorized as an emerging currency due to its managed exchange rate system.
In April 2025, USD/HKD recorded a total average daily trading volume of 347 billion US dollars, accounting for 3.6% of total global FX turnover. Unlike freely floating currency pairs, the value of USD/HKD is primarily driven by the Hong Kong dollar’s linked exchange rate system, under which the currency is pegged to the US dollar within a fixed trading band.
Movements in the pair are therefore closely tied to capital inflows and outflows in Hong Kong’s financial system, as well as interest rate adjustments by the Hong Kong Monetary Authority that track US Federal Reserve policy to maintain the peg.
9. USD/SGD
USD/SGD (US Dollar vs Singapore Dollar) is the US dollar quoted against the Singapore dollar, and it represents how many Singapore dollars are required to buy one US dollar. It is classified as an exotic currency pair because it includes a major currency and a smaller, trade-dependent economy’s currency, and the Singapore dollar is categorized as an emerging currency within global FX classifications.
In April 2025, USD/SGD recorded a total average daily trading volume of 215 billion US dollars, accounting for 2.2% of total global FX turnover. Unlike many other currency pairs, USD/SGD value is primarily influenced by the exchange rate–based monetary policy framework of the Monetary Authority of Singapore, which manages the Singapore dollar against a trade-weighted basket rather than targeting domestic interest rates directly.
The pair is therefore closely linked to Singapore’s trade performance, regional capital flows, and shifts in global growth expectations, as changes in export demand and external conditions can prompt adjustments to the policy band and influence the currency’s value.
10. USD/INR
USD/INR (US Dollar vs Indian Rupee) is the US dollar quoted against the Indian rupee, and it represents how many Indian rupees are required to buy one US dollar. It is classified as an exotic currency pair because it includes a major currency and an emerging-market currency, and the Indian rupee is categorized as an emerging currency due to India’s developing financial markets and partial capital controls.
In April 2025, USD/INR recorded a total average daily trading volume of 181 billion US dollars, accounting for 1.9% of total global FX turnover. The exchange rate of USD/INR is strongly influenced by India’s trade balance and energy import costs, because India is a large importer of crude oil and higher oil prices tend to increase dollar demand, putting upward pressure on the pair.
The pair is also closely linked to Reserve Bank of India policy actions and capital flows, particularly foreign investment into Indian equities and bonds, which can either strengthen or weaken the rupee depending on the direction of inflows.
11. EUR/GBP
EUR/GBP (Euro vs British Pound) is the euro quoted against the British pound, and it represents how many British pounds are required to buy one euro. It is classified as a minor currency pair, also known as a cross pair, because it does not include the US dollar, and both the euro and the British pound are major currencies backed by large, developed European economies.
In April 2025, EUR/GBP recorded a total average daily trading volume of 169 billion US dollars, accounting for 1.8% of total global FX turnover. The EUR/GBP value is primarily driven by the relative economic performance and monetary policy outlook of the Eurozone and the United Kingdom, as differences in interest rate expectations between the European Central Bank and the Bank of England can shift capital flows between the two regions.
The pair is also sensitive to UK–EU trade relations and political developments, because changes in regulatory alignment, fiscal policy, or cross-border investment conditions can influence investor confidence and directly affect the exchange rate between the euro and the pound.
12. USD/KRW
USD/KRW (US Dollar vs South Korean Won) is the US dollar quoted against the South Korean won, and it represents how many South Korean won are required to buy one US dollar. It is classified as an exotic currency pair because it includes a major currency and an emerging-market currency, and the Korean won is categorized as an emerging currency within global FX markets.
In April 2025, USD/KRW recorded a total average daily trading volume of 165 billion US dollars, accounting for 1.7% of total global FX turnover. The USD/KRW rate is closely linked to South Korea’s export performance, particularly in semiconductors and technology products, because strong global demand for Korean exports tends to support the won.
The pair is also sensitive to global risk sentiment and capital flows, as the Korean won often weakens during periods of market uncertainty and strengthens when investor appetite for Asian and emerging-market assets improves.
13. USD/MXN
USD/MXN (US Dollar vs Mexican Peso) is the US dollar quoted against the Mexican peso, and it represents how many Mexican pesos are required to buy one US dollar. It is classified as an exotic currency pair because it includes a major currency and an emerging-market currency, and the Mexican peso is categorized as an emerging currency within global FX markets.
In April 2025, USD/MXN recorded a total average daily trading volume of 140 billion US dollars, accounting for 1.5% of total global FX turnover. USD/MXN value is strongly influenced by interest rate differentials between the Bank of Mexico and the US Federal Reserve, as Mexico has often maintained higher policy rates that attract yield-seeking capital flows into peso-denominated assets.
The pair is also closely linked to US–Mexico trade flows and oil prices, because Mexico’s economy is highly integrated with the United States and benefits from energy exports, making trade conditions and commodity price movements key drivers of peso strength or weakness.
14. NZD/USD
NZD/USD (New Zealand Dollar vs US Dollar, also known as “Kiwi”) is the New Zealand dollar quoted against the US dollar, and it represents how many US dollars are required to buy one New Zealand dollar. It is classified as a major currency pair because it includes the US dollar and another major currency, and the New Zealand dollar is categorized as a commodity currency due to New Zealand’s reliance on agricultural and dairy exports.
In April 2025, NZD/USD recorded a total average daily trading volume of 118 billion US dollars, accounting for 1.2% of total global FX turnover. The value of NZD/USD is closely linked to global dairy prices and agricultural export demand, because changes in export revenues directly affect New Zealand’s trade balance and currency demand.
The pair is also sensitive to interest rate expectations set by the Reserve Bank of New Zealand and global risk sentiment, as the New Zealand dollar tends to strengthen when investors favor higher-yielding, growth-linked currencies and weaken during periods of market uncertainty.
15. USD/TWD
USD/TWD (US Dollar vs New Taiwan Dollar) is the US dollar quoted against the New Taiwan dollar, and it represents how many New Taiwan dollars are required to buy one US dollar. It is classified as an exotic currency pair because it includes a major currency and an emerging-market currency, and the New Taiwan dollar is categorized as an emerging currency within global FX markets.
In April 2025, USD/TWD recorded a total average daily trading volume of 114 billion US dollars, accounting for 1.2% of total global FX turnover. The price of USD/TWD is closely linked to Taiwan’s semiconductor and electronics export performance, as Taiwan plays a central role in global chip manufacturing and shifts in global technology demand directly affect capital inflows and currency strength.
The pair is also influenced by cross-strait geopolitical developments and central bank management, because policy actions and external risks can shape investor confidence and impact the direction of the New Taiwan dollar.
