FMDQ Foreign Exchange Market Analysis Report For Week-Ended December 19, 2025
Kindly see commentary below on the Foreign Exchange (FX) market with data for the week-ended December 19, 2025.
Table 1 compares weekly turnover for trades between banks (FMDQ Dealing Member (Banks) / Authorised Dealers) and their clients for the weeks-ended December 12 & 19, 2025.
FX Market Performance Summary
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In the FX Spot and Derivatives markets, the total turnover for the week-ended December 19, 2025 was $1,890.33 million, representing an increase of 7.01% ($123.87 million) from the $1,766.46 million reported for the week-ended December 12, 2025.
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The week-on-week (WoW) increase in total turnover was driven by:
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A 4.77% ($84.18 million) increase in FX Spot transactions, which recorded a total value of $1,850.64 million, compared to $1,766.46 million in the previous week.
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A $39.69 million increase in FX Derivatives transactions for the week-ended December 19, 2025.
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The WoW increase in FX Derivatives turnover was entirely driven by a $39.69 million increase in FX Forwards turnover.
Table 1: Weekly FX Turnover Analysis
| Instrument | Week-ended Dec 19, 2025 – Weekly ($m) | Daily Avg ($m) | % Share | Week-ended Dec 12, 2025 – Weekly ($m) | Daily Avg ($m) | % Share | WoW % Change | WoW Change ($m) |
|---|---|---|---|---|---|---|---|---|
| FX Spot | 1,850.64 | 370.13 | 98.00% | 1,766.46 | 353.29 | 100.00% | 4.77% | 84.18 |
| FX Forwards | 39.69 | 7.94 | 2.00% | 0.00 | 0.00 | 0.00% | N/A | 39.69 |
| Exchange-Traded FX Futures | 0.00 | 0.00 | 0.00% | 0.00 | 0.00 | 0.00% | N/A | N/A |
| FX Derivatives | 39.69 | 7.94 | 2.00% | 0.00 | 0.00 | 0.00% | N/A | 39.69 |
| Total | 1,890.33 | 378.07 | 100.00% | 1,766.46 | 353.29 | 100.00% | 7.01% | 123.87 |