Institutional foreign exchange trading activity rose sharply across major platforms in March, with most venues posting their strongest monthly readings of 2026, as a dollar rally driven by geopolitical risk and safe-haven flows pulled volumes higher through the global FX market.
FXSpotStream, the multibank liquidity aggregation service, reported total average daily volume (ADV) of $173.60 billion for March, up 14.5% from $151.69 billion in February and the platform's highest monthly reading of the year.
Spot ADV reached $127.92 billion, a clear rebound from $105.61 billion the prior month, while the "other products" category contributed $45.68 billion, roughly in line with recent months. The platform ran across 22 trading days compared to February's 20, but the gain in daily averages, not just totals, points to a genuine underlying improvement in activity. February's pullback had been attributed largely to the shorter trading calendar rather than any structural retreat in market appetite.
Cboe Volumes Jump to 2026 High
Cboe FX posted total spot volumes of $1.638 trillion in March across 22 trading days, with ADV reaching $74.47 billion. That compares to $59.67 billion in February and $63.30 billion in January, making March easily the strongest month of 2026 for the platform. The year-on-year comparison is similarly striking: in March 2025, Cboe's daily average stood at $52.1 billion, putting the current reading roughly 43% above year-ago levels.
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The contrast with the prior year is notable not just in magnitude but in the underlying catalyst. In March 2025, dollar weakness was the primary driver, with FXSpotStream setting a then-record daily average of $116.9 billion as the greenback fell against major peers. This time around, it was dollar strength, rather than weakness, that stoked institutional flow.
Dollar Gains 3% as Geopolitical Risk Dominates
The Bloomberg Dollar Index gained around 3% over the course of March, reaching a four-month high by month-end, according to Saxo Bank's market analysis. The euro and yen each fell close to 3%, while emerging market currencies bore heavier losses, with the Korean won down 6.2% and the Swedish krona losing 5.4% against the dollar.
Safe-haven demand drove much of the move, as escalating tensions in the Middle East, including fears of a broader Iran conflict, rattled risk appetite globally. The VIX volatility gauge traded above the 30-level at points during the month, according to MUFG analysts, and oil prices climbed sharply, with Brent approaching levels not seen in several months.
MUFG noted that a break above $120 per barrel in Brent could prove "the catalyst for increased volatility and broader risk aversion," with the Swiss franc and yen expected to outperform and the pound seen as particularly exposed to energy price pressure.
US trade policy also kept currency markets on edge. After the Supreme Court struck down a broad tranche of tariffs introduced by President Trump, the administration responded by imposing a blanket 15% levy on imports, keeping the policy environment fluid throughout the month.
360T and Euronext Recover Lost Ground
Deutsche Börse's 360T 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. The platform's daily average now stands well above the $33.9 billion it reported in February 2025, reflecting the sustained lift in activity that has characterized the year so far.
Euronext FX processed total volumes of $873.7 billion in March with ADV of $39.71 billion, a sharp improvement from February's $31.1 billion and the platform's strongest daily average of 2026. The gap between Euronext and 360T on daily averages, at roughly $9 billion per session, has persisted throughout recent quarters and widened slightly in February before narrowing marginally in March.
Tokyo Contracts Climb, Exotic Pairs Lead
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. Year-on-year, however, the platform was down 11.3%, reflecting particularly strong comparables from early 2025.
The composition of trading shifted noticeably toward less-traded pairs. The offshore Chinese yuan to yen pair surged 33.4% month-on-month and an extraordinary 388.6% year-on-year, reaching 61,864 contracts. The euro to dollar pair posted the month's biggest percentage monthly gain, up 123.4% from February, though from a low base of 41,984 contracts.
USD/JPY remained the most actively traded contract at 481,201, but slipped 10% from the same period a year ago, part of a broader easing in the major yen crosses that has been a feature of the Tokyo market for several months. GBP/JPY and EUR/JPY fell 56.3% and 32.9% year-on-year, respectively.
