With escalating geopolitical uncertainty, safe-haven capital inflows have driven further dollar strengthening, prompting significant trading activity across major global forex platforms in March. Data from multiple mainstream institutions shows that monthly trading volumes reached their highest levels since 2026, with arbitrage and hedging demands arising from market volatility serving as the primary drivers. In the multi-bank liquidity aggregation sector, the average daily total transaction volume in March climbed to $173.6 billion, a growth of over 14% compared to the previous month. This increase surpassed the natural uplift caused solely by the addition of trading days, indicating a substantive improvement in market activity. The rebound in spot transactions was particularly notable, rising rapidly from early-month lows to high levels. Meanwhile, statistics from the Chicago Board Options Exchange corroborated this trend, with its average daily transaction value reaching $74.47 billion. This figure not only exceeded early-year levels but represented approximately a 43% year-over-year increase. Notably, the underlying logic of trades in March this year differs from last year; while the latter was primarily dominated by a weakening dollar, this time it is the strong dollar performance that ignited institutional capital flow enthusiasm.

Recovery signs in the European market were equally significant. Trading platforms under Deutsche Börse and the Eurex FX platform both achieved substantial warming in March. The former saw its average daily trading volume grow over 20% month-on-month, while the latter reached this year's peak level for the platform. The gap between their average daily trading volumes narrowed in March. This indicates that cross-regional forex liquidity is being re-integrated, and market confidence is recovering alongside price volatility. In Asia, contract volumes at the Tokyo Financial Exchange underwent structural changes. Although overall contract quantities dipped slightly year-over-year, activity in certain niche currency pairs surged sharply. Contract volumes for offshore RMB against the Japanese yen saw explosive growth, increasing by more than threefold, while trading interest in EUR/USD also doubled despite a lower base. Although USD/JPY remains the most active instrument in this market, its year-over-year data showed a downward trend, reflecting divergence in the overall trend of JPY crosses, with significantly reduced volumes for instruments such as GBP/JPY. These microstructure shifts suggest that investor risk preferences regarding different currency pairs are undergoing rapid transformation.