The Bank for International Settlements' Triennial Central Bank Survey of Foreign Exchange Markets — the authoritative reference data on global FX market structure — reported in the April 2022 survey results that global daily FX turnover averaged approximately $7.5 trillion per day, more than three times the daily turnover of all global equity markets combined (per the BIS Triennial Central Bank Survey 2022 at bis.org/statistics/rpfx22.

htm). The next BIS Triennial survey is conducted in April 2025 with results expected in late 2025; preliminary indicators from BIS's quarterly OTC derivatives statistics suggest continued growth in turnover. The U.

S. dollar is on one side of approximately 88% of all FX trades (per the same BIS 2022 survey), reflecting the dollar's role as the global reserve and invoicing currency despite the U.S.

economy representing roughly 24% of global GDP. The U.S.

Dollar Index (DXY) — the most-quoted single proxy for 'the dollar' — has traded in a 70-115 range since the floating-exchange-rate era began in March 1973, with the major peaks (1985 plaza accord top near 165 prior to coordinated intervention; September 2022 cycle peak of 114.78) and troughs (2008 financial crisis low of approximately 71; 1979-1980 Volcker-era pre-disinflation low) reflecting structural macroeconomic regimes.