- The Bank of International Settlements (BIS) released its triennial FX and OTC derivatives survey on Tuesday. This is the most comprehensive source of information on the size and structure of global FX markets. In the case of the MXN, this survey is especially relevant, since Banxico’s daily FX volume data reflects only around 22% of the total turnover.
- According to the 2025 BIS survey, global FX markets expanded strongly in the last three years. Daily traded volume rose 28% in three years, from USD7.5trn in 2022 to USD9.6trn in 2025; swaps remain the most traded, although their share declined in favour of spot and forwards. Meanwhile, the report shows that the USD remains dominant, being present in 89% of global transactions.
- The MXN is now the 14th most traded currency worldwide, the most traded in Latin America, and 6th among emerging markets (note that these EM currencies include the KRW, SGD and HKD) with an average daily volume of USD153bn. Although Mexico’s economy is smaller than those of some Asian peers, the peso maintains high liquidity due to the economy’s openness and integration in global value chains.
- The BIS survey considers both local and cross-border activity, with most MXN trading explained by the latter. Notably, most transactions occur among reporting dealers and other financial institutions, such as institutional investors or hedge funds, confirming the importance of financial flows in MXN price action.