The development
The Bank of England’s August 11 release reported average daily UK FX turnover of $4.609 trillion in April 2026, based on 25 participating institutions. Activity was 20% above October 2025 and grew across instrument types. FX swaps accounted for $2.172 trillion a day. The overall total must not be described as outright forward turnover.
Source: Bank of England FX survey, published August 11, 2026.
FOLITIC analysis: funding and hedging overlap
An outright forward establishes a future currency transaction. An FX swap combines an exchange with a reverse exchange at another date. Both concern future currency needs, but they serve different combinations of funding and hedging objectives.
The distinction matters when interpreting market growth. More transaction volume can reflect refinancing, rolling existing hedges or adjusting funding dates. It does not necessarily mean an equivalent increase in investors’ directional conviction about sterling, the euro or the dollar.
What the survey can tell a user
The data provides context on the scale and structure of wholesale activity. It is not a live price feed and cannot establish the spread available for an individual invoice, maturity or customer credit profile.
When comparing surveys across financial centers, examine the reporting basis. The UK survey uses the location of the price setting dealer, while other datasets can use different locations or adjustments. For a business choosing a hedge, the decision still comes back to payment timing, quoted terms and liquidity needs under the actual contract.
Photo: File photograph of the Bank of England facade in London. Credit: Michael via Wikimedia Commons. Public domain. Displayed with a responsive crop. This file photograph illustrates the subject or location and does not depict the reported transaction.
