360T, SGX FX Volumes Dip in April

After a record-breaking run in March, both 360T and Singapore Exchange saw a drift lower in FX activity in April, however both report volumes up from April 2025.

Deutsche Börse’s 360T reports total average daily volume (ADV) across all FX products of EUR 187.9 billion. This is down 7.5% from March – and quarter ends are typically busy times for the platform – but is up 6.5% year-on-year. Using a fixed exchange rate, in dollar terms April was the busiest non-quarter-end month reported by 360T and was the fourth highest in ADV terms to date.

Earlier this month, 360T reported its fifth highest-ever spot ADV at $39 billion, as well as NDF volumes of just under $1.8 billion per day.

Meanwhile, SGX reports its second busiest month ever in FX futures, beaten only by March, at 460,000 contracts per day, around $32 billion per day. This is down 13.5% from March and up 18.5% year-on-year.

USD/CNH, which remains the largest international RMB FX futures market, traded 234,790 contracts per day, SGX says this amounts to roughly $26 billion per day. This is down 19.1% from March, but is up 11.4% year-on-year. There was less of a dip in the second biggest contract at SGX, USD/INR, which saw $4.3 billion per day, or 182,580 contracts. This is down just 1.1$ from March, and is up 31.7% year-on-year.