EUR/USD accounts for roughly 20 to 24 percent of all forex trading volume

The euro-to-dollar pair (EUR/USD) is the single most traded currency pair in the world. On any given day, traders exchange somewhere between $300 billion and $400 billion worth of euros for dollars or dollars for euros through this pair alone. The exact percentage shifts slightly depending on which market survey you read and when it was taken, but most major reports from the Bank for International Settlements and forex data providers place EUR/USD between one-fifth and one-quarter of total daily forex volume.

This dominance matters because it affects how easily you can trade the pair, how tight the bid-ask spread is (the cost difference between buying and selling), and how much price movement you see relative to other pairs. A pair this heavily traded typically has lower costs and tighter spreads than less popular pairs.

Key Takeaways

  • EUR/USD makes up roughly 20 to 24 percent of all forex trading, making it the most traded currency pair by a significant margin.
  • The pair's high volume means tighter bid-ask spreads and lower trading costs compared to less popular currency pairs.
  • Volume figures come from surveys by the Bank for International Settlements and forex data providers, and they shift slightly year to year.
  • The US dollar and the euro are the world's two most widely held reserve currencies, which is why their pair dominates trading.

Why EUR/USD is so much larger than other pairs

The euro and the US dollar are the two most important currencies in global finance. Central banks hold them as reserves, multinational companies use them to settle trade, and they are the currencies of the world's two largest economic blocs — the eurozone and the United States. When that much real economic activity flows through two currencies, traders naturally follow.

The second-most traded pair is USD/JPY (dollar to Japanese yen), which typically accounts for 13 to 17 percent of volume. The third is GBP/USD (British pound to dollar), at around 9 to 12 percent. EUR/USD's lead is substantial. No other pair comes close to its share.

Volume also feeds on itself. Because so many traders use EUR/USD, banks and brokers compete hard to offer tight spreads on it, which attracts even more traders. Pairs with lower volume often have wider spreads, which makes them more expensive to trade in and out of quickly.

How the percentage has changed over time

EUR/USD's share of total forex volume has remained relatively stable since the euro launched in 1999. In the early 2000s, it held around 25 to 30 percent of volume. By the 2010s, it had settled into the 20 to 24 percent range where it sits today. The shift downward reflects the growth of other pairs and emerging-market currencies, not a decline in EUR/USD trading itself — the pair's absolute volume has grown steadily.

The most recent comprehensive survey from the Bank for International Settlements, conducted in 2022, found EUR/USD at approximately 23 percent of global forex turnover. Surveys are conducted every three years, so the next official snapshot will come in 2025.

What this volume means for traders

High volume translates directly into practical advantages. When you trade EUR/USD, you can usually enter and exit positions quickly without moving the price much. The bid-ask spread — the difference between what buyers will pay and what sellers will accept — is typically 1 to 2 pips on major brokers during active hours. On less-traded pairs, spreads can be 5, 10, or even 20 pips wide.

Liquidity also means news and economic data move the pair more predictably. With so many traders watching the same pair, major economic releases from the US Federal Reserve or the European Central Bank tend to produce sharp, clear price moves rather than erratic jumps.

The downside is that EUR/USD moves are often already priced in by the time retail traders see them. The pair's popularity means professional traders and algorithms react to news in milliseconds, so the obvious trade is rarely available by the time a human trader can act on it.

How volume is measured and reported

Forex volume figures come from two main sources. The Bank for International Settlements conducts a triennial survey of major banks, brokers, and trading platforms worldwide and publishes the results in its Triennial Central Bank Survey. This is the most authoritative source, though the data is always three years old by the time it is released.

Forex data providers like Refinitiv, Bloomberg, and LSEG also publish daily and monthly volume estimates based on data from their own networks and client reports. These figures are more current but less comprehensive than the BIS survey. Different providers sometimes report slightly different percentages because they measure different subsets of the market — some include over-the-counter trades, others focus on exchange-traded volume, and some measure notional value while others measure the number of transactions.

When you see a claim that EUR/USD is "20 percent" or "24 percent" of the market, the source matters. A figure from the BIS survey is more reliable than one from a single broker's internal data.

The difference between EUR/USD volume and other currency pairs

The gap between EUR/USD and the next-most-traded pairs is striking. EUR/USD at 23 percent is more than twice the size of GBP/USD at roughly 11 percent. It is larger than USD/JPY, USD/CHF, and AUD/USD combined. This concentration means that if you trade only the most liquid pairs, you will spend most of your time on EUR/USD or pairs that include the dollar.

Emerging-market pairs like USD/INR (dollar to Indian rupee) or USD/BRL (dollar to Brazilian real) have grown in volume over the past decade, but they still represent a tiny fraction of total forex trading. A trader looking for tight spreads and fast execution will almost always choose a major pair over an emerging-market one.

Frequently Asked Questions

Does EUR/USD volume change throughout the day?

Yes. Volume is highest during the overlap of the European and US trading sessions, roughly 1 p.m. to 5 p.m. London time. During Asian hours, volume drops significantly. Spreads tighten and price moves more sharply during peak hours, so the pair's liquidity advantage is most pronounced in the afternoon.

Is EUR/USD volume the same on weekends?

No. The forex market is closed on weekends in most jurisdictions. Some brokers offer weekend trading through over-the-counter channels, but volume is minimal and spreads widen dramatically. The 20 to 24 percent figure refers to weekday trading during regular market hours.

Why does the US dollar appear in so many of the most-traded pairs?

The dollar is the world's primary reserve currency and the currency used to settle most international trade. Seven of the top ten most-traded pairs include the dollar. This concentration gives the dollar outsized influence on forex markets and means dollar strength or weakness often moves multiple pairs at once.

Can the percentage of EUR/USD volume change significantly in the future?

It could shift if the euro or dollar lost reserve-currency status or if a major new currency pair became dominant. In practice, these shifts happen slowly over decades. The euro has been the second-most-traded currency since its launch, and the dollar has held the top spot for over a century, so major changes are unlikely in the near term.