World’s top traded currency pairs on forex trading apps

ews | February 09, 2023, 10:00 AM | The content is supplied by a Guest author

Data from the Bank for International Settlements’ Triennial Central Bank Survey shows the five most traded fiat currencies in 2022 were the US dollar, Euro, Japanese yen, UK pound sterling, and the Chinese renminbi. The proportion of daily volume was 88.5%, 30.5%, 16.7%, 12.9%, and 7.0%, respectively. Rounding out the top ten were the Australian dollar, the Canadian dollar, the Swiss franc, the Hong Kong dollar, and the Singapore dollar.

Traders are increasingly capitalizing on currency exchange using forex brokers and trading apps. Typically, active forex traders have access to a web-based as well as a mobile trading platform. When you choose the best trading app for your needs, you should make sure that the platform is easy to navigate on a smartphone to keep up with the market trends. We recommend reading expert reviews about the best forex trading apps before signing up.

Latest forex news and near-term prospects

On Friday, the euro and pound slid against the dollar as markets reacted to comments from policymakers at the Bank of England and the European Central Bank, who said it had become easier to manage inflationary pressures on European economies. On Thursday, both institutions raised interest rates by 50 basis points, as anticipated.

The dollar widely advanced elsewhere, taking advantage of the European currencies’ decline and reversing its losses from a few days ago. In early trading hours, the pound dropped 0.15% to a low of $1.22. In the previous session, it lost 1.2%, recording its biggest monthly decline. The euro fell 0.7% on Thursday and another 0.16% on Friday to $1.089, moving further away from its last peak in the past 12 months. The ECB expects at least one more similar increase next month, but acknowledges the short-term prospects of the euro zone for growth and inflation are better than before.

Most-traded currency pairs in history

Historically, the world's most actively traded currency pairs in the foreign exchange market have been

• EUR/USD (Euro/US Dollar)
• USD/JPY (US Dollar/Japanese Yen)
• GBP/USD (British Pound/US Dollar)
• USD/CHF (US Dollar/Swiss Franc)
• AUD/USD (Australian Dollar/US Dollar)
• USD/CAD (US Dollar/Canadian Dollar)
• NZD/USD (New Zealand Dollar/US Dollar)

These currency pairs typically have the highest trading volumes and liquidity, making them popular choices for beginner forex traders. However, the popularity of currency pairs can change over time and depend on various economic, political, and market factors.