Institutional foreign exchange volumes declined across major trading platforms in August, with Cboe FX recording the steepest drop at 8.7 percent. Three of four monitored venues saw lower average daily volumes month-over-month, though all remained well above year-ago levels. Cboe FX posted its lowest daily average of 2026 at $51.8 billion, down from July’s $56.8 billion but still 13.4 percent higher than August 2025. FXSpotStream slipped 2.3 percent to $154.4 billion in daily volume, while Deutsche Börse’s 360T fell 6.9 percent to $37.6 billion. Euronext FX bucked the trend with a modest 0.8 percent gain to $28.4 billion daily.
The pullback follows July’s volatile trading driven by Japanese yen intervention sessions. August featured 21 trading days compared to July’s 23, contributing to lower total notional volumes. Currency markets stabilized mid-month as the yen weakened back above 159 per dollar and traders adjusted Federal Reserve rate expectations after softer U.S. economic data.
FXnCO Insight
Watch for continued volume normalization in September as intervention-related volatility fades and rate expectations stabilize.
Source: Finance Magnates