Discover the 10 most traded currencies in the forex market, including the US dollar, euro and Japanese yen, and learn which currency pairs dominate global forex trading.
Updated October 14, 2026
Discover the 10 most traded currencies in the forex market, including the US dollar, euro and Japanese yen, and learn which currency pairs dominate global forex trading.
The 10 most traded currencies in the forex market are the US dollar (USD), the euro (EUR), the Japanese yen (JPY), the British pound (GBP), the Chinese renminbi (CNY), the Swiss franc (CHF), the Australian dollar (AUD), the Canadian dollar (CAD), the Hong Kong dollar (HKD) and the Singapore dollar (SGD). The US dollar dominates by a wide margin, appearing on one side of roughly 89% of all currency trades, while the euro is involved in around 29% and the yen in about 17%. Together, these currencies account for the overwhelming majority of the roughly $9.6 trillion that changes hands in the global foreign exchange market every day. What puts a currency on this list is a combination of economic size, trade and investment flows, financial market depth, central bank credibility and its role as a reserve or safe-haven asset. The encouraging truth for traders is that the most traded currencies typically offer the deepest liquidity and tightest pricing; the honest caveat is that high liquidity doesn’t mean low risk, because these currencies can still move sharply around central bank decisions and economic data.
This guide explains the most traded currencies in the forex market: how trading volume is measured, what makes each currency so widely traded, the pairs it’s most commonly traded in, and the key factors that drive its value. It also covers how the rankings are shifting, why the most traded currencies matter for spreads and liquidity, and how traders can use that knowledge in practice. The recurring theme is that a currency’s trading volume reflects its importance to the global economy, and understanding what drives that importance helps explain how the currency behaves. Skyriss believes that knowing the characteristics of the world’s major currencies is the foundation of any forex trading approach.
This article is educational and does not constitute investment advice; trading forex and CFDs carries a high risk of losing money rapidly due to leverage.
For those who want the ranking immediately, here it is, with each currency’s approximate share of global forex turnover.
First, the US dollar, involved in about 89% of all trades. Second, the euro, at around 29%. Third, the Japanese yen, at about 17%. Fourth, the British pound, at around 10%. Fifth, the Chinese renminbi, at about 8.5%. Sixth, the Swiss franc, at around 6.4%. Seventh and eighth, the Australian dollar and the Canadian dollar, each at roughly 6%. Ninth, the Hong Kong dollar, at nearly 4%. Tenth, the Singapore dollar, at around 2%.
Because every forex trade involves two currencies, these shares add up to 200% rather than 100%. The single most traded currency pair is EUR/USD, accounting for roughly a fifth of all forex turnover, followed by USD/JPY. Every one of the top 10 most traded pairs includes the US dollar. The rest of this guide explains each currency in depth.
Global forex turnover is measured through a large-scale survey conducted every three years, in which central banks and monetary authorities collect data from more than a thousand banks and dealers worldwide. The most recent survey showed average daily turnover of around $9.6 trillion, a significant increase on the previous survey three years earlier.
Because every forex transaction involves two currencies. When someone trades EUR/USD, both the euro and the US dollar are counted as being involved in that trade. Each currency’s share therefore represents the percentage of all trades in which it appears on one side, and the totals across all currencies sum to 200%. This is why the US dollar can be involved in 89% of trades while the euro is involved in 29% without the figures contradicting each other.
Rankings at the top are generally stable over time, because they reflect deep structural features of the global economy. However, shares do shift between surveys, and the positions of currencies further down the list can change as trade patterns, financial flows and market conditions evolve. Volumes in any single month can also be affected by market events; the most recent survey period, for example, coincided with elevated currency volatility.
The US dollar is by far the most traded currency in the world, appearing on one side of roughly 89% of all forex transactions.
The dollar is the world’s primary reserve currency, held in large quantities by central banks worldwide. It’s the main currency used for pricing commodities such as oil and gold, for international trade invoicing and for global borrowing. It also serves as the market’s vehicle currency: when traders exchange two less widely traded currencies, the transaction often passes through the dollar because direct markets between them are less liquid. The depth of US financial markets, particularly the US Treasury market, reinforces that central role.
The dollar is driven primarily by Federal Reserve interest rate policy, US inflation, employment data, economic growth and global risk sentiment. It often strengthens during periods of global stress as investors seek safety and liquidity, although its behaviour depends on whether the stress originates inside or outside the United States. Its most traded pairs include EUR/USD, USD/JPY, USD/CNY and GBP/USD.
The euro is the second most traded currency, involved in around 29% of all trades. It’s the official currency of the eurozone, the group of European Union countries that share a single currency and monetary policy.
EUR/USD combines the world’s two largest currency blocs, both with deep financial markets and extensive trade and investment links. It accounts for roughly a fifth of all global forex turnover, making it the most liquid currency pair in the world. That liquidity typically results in tight spreads, which is why EUR/USD is often one of the first pairs new traders study.
The euro responds to European Central Bank policy, eurozone inflation and growth data, the economic performance of its largest members, particularly Germany and France, and, crucially, the interest rate gap between the eurozone and the United States. Political developments within the eurozone and energy prices can also influence it. Beyond EUR/USD, it’s widely traded against the pound, yen and Swiss franc.
The Japanese yen is the third most traded currency, involved in around 17% of trades, and the most traded Asian currency for most of the market’s modern history.
Japan is one of the world’s largest creditor nations, with substantial investments overseas. During periods of global stress, Japanese investors have historically tended to bring money home, and global traders unwind positions funded in yen, both of which can increase demand for the currency. As a result, the yen often strengthens when risk appetite falls, although this relationship doesn’t hold in every episode.
Japan has maintained very low interest rates for long periods. That has made the yen a popular funding currency for carry trades, in which traders borrow in a low-yielding currency and invest in higher-yielding currencies or assets. When interest rate expectations change, or volatility rises, carry trades can unwind quickly, causing sharp moves in the yen. Bank of Japan policy, Japanese inflation and wage data, and the interest rate gap with the United States are key drivers. USD/JPY is the second most traded pair globally, accounting for roughly 14% of turnover.
The British pound, also called sterling, is the fourth most traded currency, involved in around 10% of trades. It’s one of the oldest currencies still in use.
The United Kingdom has a large, open economy, and London is the world’s largest forex trading centre, handling a substantial share of global currency transactions. GBP/USD, known as “Cable” from the transatlantic telegraph cable once used to transmit exchange rates, is one of the most widely followed pairs in the market.
Sterling is driven by Bank of England interest rate decisions, UK inflation, employment and growth data, and political and fiscal developments. It’s often more volatile than the euro, which makes it popular with active traders but also requires careful risk management. The pound’s share of global turnover has declined in recent years, although it remains firmly among the major currencies.
The Chinese renminbi, whose unit is the yuan, is the fifth most traded currency, involved in about 8.5% of trades. It has been the fastest-rising major currency over the past decade, steadily climbing the rankings.
China is the world’s second-largest economy and its largest exporter, and the renminbi is increasingly used for trade settlement and cross-border financing. USD/CNY has become one of the most traded currency pairs globally, with its turnover rising sharply in recent years.
Unlike most currencies on this list, the renminbi is not fully free-floating. The People’s Bank of China sets a daily reference rate and allows the onshore currency to trade within a band around it, and capital flows in and out of China remain subject to controls. There are effectively two markets: the onshore renminbi (CNY), traded within mainland China, and the offshore renminbi (CNH), traded more freely in international centres such as Hong Kong. Chinese economic data, policy decisions and trade relations, particularly with the United States, are key drivers.
The Swiss franc is the sixth most traded currency, with around 6.4% of turnover, having moved up the rankings in recent years.
Switzerland has a long reputation for political stability, low inflation, strong public finances and a large current account surplus. As a result, the franc tends to attract demand during periods of global uncertainty, financial stress or geopolitical tension, particularly in Europe.
The Swiss National Bank’s policy is a key driver. Because a strong franc can hurt Swiss exporters and push inflation lower, the central bank has a history of intervening in currency markets and using interest rate policy to limit excessive appreciation. The franc is most commonly traded against the dollar (USD/CHF) and the euro (EUR/CHF), with the latter closely watched as a gauge of European risk sentiment.
The Australian dollar is the seventh most traded currency, with roughly 6% of turnover. It’s often called the “Aussie,” and AUD/USD is one of the most popular major pairs.
Australia is a major exporter of commodities including iron ore, coal, natural gas and gold, so the value of its currency is closely linked to global commodity prices. Because China is Australia’s largest trading partner and a major buyer of its resources, Chinese economic data and demand also have a significant influence on the Australian dollar.
Beyond commodities and China, the Australian dollar is driven by Reserve Bank of Australia policy and domestic economic data. It’s also considered a risk-sensitive currency, tending to strengthen when global investors are optimistic and weaken when risk appetite falls. Its relatively liquid market and sensitivity to global growth make it popular with traders.
The Canadian dollar is the eighth most traded currency, also with roughly 6% of turnover. It’s commonly called the “loonie,” after the bird pictured on Canada’s one-dollar coin.
Canada is one of the world’s largest oil producers and exporters, and energy is a significant part of its economy and exports. Movements in crude oil prices therefore often influence the Canadian dollar, although the relationship varies over time and is affected by other factors.
The United States is Canada’s largest trading partner by a wide margin, so US economic conditions, trade policy and the difference between Bank of Canada and Federal Reserve interest rates are important drivers. Canadian employment, inflation and growth data also play a major role. USD/CAD is the currency’s most traded pair.
The Hong Kong dollar is the ninth most traded currency, involved in nearly 4% of trades, with its share rising noticeably in recent years.
Hong Kong is one of the world’s largest financial centres and a major hub for forex trading, equity markets and investment flows into and out of mainland China. Activity in its stock market, including flows linked to Chinese companies, generates significant currency trading volume.
The Hong Kong dollar operates under a linked exchange rate system, which keeps it within a narrow band against the US dollar. The Hong Kong Monetary Authority intervenes when the currency reaches either end of that band. Because of the peg, the Hong Kong dollar moves very little against the US dollar, and its interest rates tend to follow those in the United States. Traders focus less on directional moves and more on funding conditions, interest rate differentials and pressure on the edges of the band.
The Singapore dollar rounds out the top 10, with around 2% of global turnover. Its importance in the forex market is reinforced by Singapore’s position as one of the world’s largest forex trading centres, a position that has strengthened in recent years.
Singapore’s central bank, the Monetary Authority of Singapore, takes an unusual approach. Rather than using interest rates as its main policy tool, it manages the Singapore dollar against an undisclosed basket of the currencies of its major trading partners, allowing it to move within a policy band. Adjustments to the slope, width or centre of that band are its key policy signals, and they’re closely watched by traders.
As a small, highly trade-dependent economy, Singapore is sensitive to global trade, regional growth and demand from major partners, including China. The currency is often seen as a gauge of Asian economic conditions, and its managed framework typically makes it relatively stable compared with many regional currencies.
A currency’s trading volume has practical consequences for anyone trading forex.
The most traded currencies typically offer the deepest liquidity, which means large volumes can be bought and sold with less impact on price. Deep liquidity generally leads to tighter spreads, the difference between the buy and sell price, which lowers trading costs. Major pairs also tend to receive extensive analysis and news coverage, making it easier for traders to understand what’s moving them.
Major pairs combine the US dollar with another of the most heavily traded currencies, such as EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CAD and USD/CHF. Minor pairs, or crosses, combine major currencies without the US dollar, such as EUR/GBP or EUR/JPY. Exotic pairs combine a major currency with the currency of a smaller or emerging economy. As a general rule, liquidity decreases and spreads widen as traders move from majors to minors and then to exotics, while volatility can increase.
Not necessarily. Liquidity can make trading more efficient, but major currencies can still move sharply around central bank decisions, inflation reports, employment data and geopolitical events. Liquidity can also thin out during holiday periods, at the end of the trading week and around major announcements, causing spreads to widen temporarily. Risk management matters just as much when trading the most liquid currencies.
While the top of the list has remained broadly stable, several trends stand out. The US dollar’s dominance has held firm and even edged higher, despite ongoing discussion of alternatives. The euro’s share has gradually declined over the past several surveys. The Chinese renminbi has continued its steady climb, reflecting China’s growing role in global trade and finance. Sterling’s share has fallen below its longer-term average. The Swiss franc and Hong Kong dollar have both gained ground. These shifts tend to happen gradually, but they reflect changes in trade patterns, financial flows and the global economic balance.
Forex trading allows traders to speculate on the relative value of one currency against another, buying a pair if they expect the base currency to strengthen and selling if they expect it to weaken. Contracts for difference (CFDs) allow traders to take positions on these price movements without exchanging the underlying currencies, usually with leverage, which magnifies both gains and losses.
Skyriss offers CFD trading on major, minor and exotic currency pairs within a regulated environment. For newer traders, focusing on a small number of liquid major pairs and learning what drives them, from central bank policy to economic data, is often more effective than spreading attention across many markets at once.
The US dollar is the most traded currency, appearing on one side of roughly 89% of all forex transactions. Its role as the world’s primary reserve currency, its use in commodity pricing and global trade, and its function as a vehicle currency all contribute to its dominance.
The top 10 most traded currencies are the US dollar, euro, Japanese yen, British pound, Chinese renminbi, Swiss franc, Australian dollar, Canadian dollar, Hong Kong dollar and Singapore dollar.
EUR/USD is the most traded currency pair, accounting for roughly a fifth of global forex turnover. USD/JPY is the second most traded pair.
Average daily turnover in the global forex market is around $9.6 trillion, making it the largest financial market in the world by trading volume.
Every forex trade involves two currencies, so each transaction is counted twice, once for each currency. As a result, the shares across all currencies total 200%.
The US dollar, Japanese yen and Swiss franc are commonly regarded as safe-haven currencies, because they often attract demand during periods of global uncertainty. Their behaviour can vary depending on the source of the stress.
The most traded currencies typically offer the deepest liquidity and tightest spreads, which can make them more cost-effective to trade. However, they can still move sharply around major news and data releases, so they carry real risk, particularly when trading with leverage.
The forex market’s most traded currencies reflect the structure of the global economy. The US dollar sits at the centre of the system as the world’s reserve and vehicle currency, while the euro, yen and pound represent major economic blocs with deep financial markets. The Chinese renminbi’s steady rise reflects China’s expanding role in global trade, the Swiss franc and yen serve as traditional safe havens, the Australian and Canadian dollars track commodities and global growth, and the Hong Kong and Singapore dollars highlight the importance of Asia’s leading financial centres.
The most important lesson is that every currency on this list is driven by an identifiable set of forces, from central bank policy and inflation to commodity prices, trade relationships and risk sentiment. Understanding those drivers, along with the liquidity and spread advantages that come with trading major currencies, gives traders a stronger foundation for analysing price movements and managing risk. Explore the world’s most traded currencies with Skyriss at skyriss.com/get-started.
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