Ranked: The 10 Most Traded Currencies with the U.S. Dollar
Each day, billions of dollars are traded on the global foreign exchange (FX) market. The U.S. dollar (USD) is involved in 88% of all trades and accounting for 58% of global currency reserves. But which currencies are most frequently paired with the dollar in these transactions?
In collaboration with OANDA, this graphic offers a clear visual breakdown of the top currencies traded alongside the USD. The data is based on daily transaction data from the New York Fed’s April 2024 FX Volume Survey.
FX Trading: What Are the Top 3 Most Traded Currencies Against the USD?
At an average volume of $135.3 billion per day, the euro was the most-traded currency against the USD in April 2024 by a wide margin.
| Currency | Daily Transaction Volume ($ billions) |
|---|---|
| Euro | 135.3 |
| Japanese yen | 92.7 |
| Canadian dollar | 52.9 |
| British pound | 43.9 |
| Australian dollar | 36.3 |
| Mexican peso | 27.4 |
| Swiss franc | 18.4 |
| Hong Kong dollar | 15.4 |
| Singapore dollar | 14.4 |
| Chinese yuan | 11.0 |
The Japanese yen ranked second with $92.7 billion in daily transactions, followed by the Canadian dollar at $52.9 billion. Together, these three currencies accounted for the majority of non-USD FX trading activity with the dollar.
Other Takeaways
European and Asia-Pacific currencies continue to play crucial roles in FX trading with the USD. In addition to the euro and yen, the pound sterling (#4) and the Australian dollar (#5) saw significant trading volumes, reflecting their importance in global trade and finance.
Several North American and Asia-Pacific currencies (such as the Canadian dollar, Australian dollar, Mexican peso, and Singapore dollar) benefit from strong trade ties with the U.S., including free trade agreements that support higher cross-border capital flows.
Meanwhile, smaller but highly liquid currencies like the Swiss franc and New Zealand dollar are still important in FX markets due to their stability and use in risk management strategies.
FX Trading Doesn’t Have to Be Complex
Trading on the FX market can be intimidating, but understanding who the key players are can help bring clarity to investors. Learning how to manage risk, having a trading plan, and understanding price movements are also essential components of successful trading.
Note: Past performance is not indicative of future results.