Institutional foreign exchange trading activity rose sharply across major platforms in March, with most venues reporting their strongest monthly readings of 2026. A rally in the U.S. dollar, driven by geopolitical risk and safe-haven flows, helped pull volumes higher across the global FX market.
FXSpotStream posts highest 2026 average daily volume
FXSpotStream, the multibank liquidity aggregation service, reported total average daily volume (ADV) of $173.60 billion in March, up 14.5% from $151.69 billion in February. This marked the platform's highest monthly reading of the year. Spot ADV reached $127.92 billion, rebounding from $105.61 billion in the prior month, while the "other products" category contributed $45.68 billion, roughly in line with recent months. The platform operated across 22 trading days in March compared with 20 in February, but the increase in daily averages, not just totals, indicates a genuine improvement in activity.
Cboe FX records strongest month of 2026
Cboe FX reported total spot volumes of $1.638 trillion in March across 22 trading days, with ADV of $74.47 billion. This compared with $59.67 billion in February and $63.30 billion in January, making March the strongest month of 2026 so far for the platform. The year-on-year comparison was also notable: in March 2025, Cboe FX's daily average stood at $52.1 billion, placing the latest reading roughly 43% above year-ago levels.
Dollar rally and risk aversion underpin market moves
The Bloomberg Dollar Index gained around 3% over the course of March, reaching a four-month high by month-end. The euro and yen each fell close to 3%, while emerging market currencies saw steeper declines, with the Korean won down 6.2% and the Swedish krona losing 5.4% against the dollar. Safe-haven demand underpinned much of the move, as escalating tensions in the Middle East, including fears of a broader Iran conflict, weighed on global risk appetite. The VIX volatility gauge traded above the 30-level at points during the month, and oil prices climbed sharply, with Brent approaching levels not seen in several months.
360T, Euronext FX and TFX also see stronger flows
Deutsche Börse's 360T platform recorded total March volumes of $1.076 trillion, with ADV of $48.93 billion, up from $39.91 billion in February, a gain of roughly 23% month-on-month. Euronext FX processed total volumes of $873.7 billion in March, with ADV of $39.71 billion, an increase from February's $31.1 billion and the platform's strongest daily average of 2026.
The Tokyo Financial Exchange's Click 365 platform reported 1,983,915 contracts in March, up 12.6% from February, with ADV of 90,180 contracts. On a year-on-year basis, however, Click 365 volumes were down 11.3%, reflecting particularly strong comparables from early 2025.
