FX futures and Options prices have moved sharply in 2025 - Will there be more?
While summer in the northern hemisphere was relatively quiet in the foreign exchange (FX) markets, for the year as a whole, 2025 has been significant for FX. There have been some major price movements following world events and macro-economic announcements.
The general overarching trend in the first half of the year was a decline in the value of the U.S. dollar. Most of CME Group’s FX futures and options are priced in terms of the number of U.S. dollars for one unit of the other currency. A fall in the value of the dollar, therefore, means a rise in futures prices. You can see this in the chart (Figure 1).
In the first six months of 2025, major currencies rose on average 9.9% despite a decline in April for the Australian dollar (AUD), while the Euro (EUR) and the Swiss franc (CHF) each rose around 14% against the U.S.dollar.
Since mid-year though, this trend has partially reversed. The euro (EUR) and Swiss franc (CHF) have all but managed to hold on the gains made in the first half of the year, but other major currencies have declined against the dollar. As of mid-October, the Australian dollar (AUD), British pound (GBP), Canadian dollar (CAD) and Japanese yen (JPY) have fallen on average by 2.7% since the start of July, with the Japanese yen having the largest fall.
For updates on recent futures price movements, see the Quotes pages for each currency pair on the CME Group website.
Figure 1: Comparing FX futures movements vs. the dollar
Why should you consider FX futures and options for your portfolio?
- Transparency: Futures and options trading takes place on public markets where every price and every order is visible to, and can be traded by, all participants.
- A marketplace you can trust: Our FX futures and options markets are regulated in the U.S. by the Commodity Futures Trading Commission, which aims to ensure market integrity and prevent fraud and manipulation.
- Deep liquidity: Our FX futures and options market is one of the largest centers for foreign exchange liquidity in the world. On average, $96 billion of FX futures and options traded every day in H1 2025
- Safety and security: CME Clearing (our clearinghouse) backs every transaction - your funds and your profits are safely managed, so you can trade with confidence.
- Superior efficiency: With the clearinghouse as the counterparty on every futures transaction, the trading process is simplified, and our margin methodology means your capital is used efficiently in your portfolio.
Find out more about FX futures at CME Group
We offer futures contracts on 52 different currency pairs (Figure 2 shows relative value traded across the pairs) We recently created a new corner of our website dedicated to our FX products. Use it as the starting point to discover more.
Figure 2: CME Group FX futures - relative value traded
Get further insights into Our FX markets
CME Group offers a wide range of educational material on FX futures and options as well as a variety of other products. From informational videos to in-depth analysis of position hedging, our archive covers a wide range of applications.
The Introduction to FX course includes accredited lessons on foreign exchange and FX futures markets.
Check out the our new Trading Simulator for futures
CME Group has launched a new futures Trading Simulator. Packed with features, this robust tool enables traders and investors to try out new trading strategies and explore different markets without placing their capital at risk.
Figure 3: Test-drive FX futures trading in our feature-rich Trading Simulator.
Which data moves the FX market?
New analysis from the CME Group Research team looks into the impact of a variety of published financial data on the FX market.
When data is published that differs from the expectation, substantial price movements and heightened trading activity can occur. Our analysis takes a rigorous approach to assessing which is the most significant data point for the FX futures market. Read the analysis here.
Join our next Trading Challenge
Sharpen your trading skills in our monthly Trading Challenge. Held in our simulated environment, these challenges let you experience trading the futures market and compare your trading skills with others. Eligible participants will qualify for cash prizes based on their performance.
Disclaimer
Exchange traded derivatives and cleared over-the-counter (“OTC”) derivatives are not suitable for all investors and involve the risk of loss. Exchange traded and OTC derivatives are leveraged instruments and because only a percentage of a contract’s value is required to trade, it is possible to lose more than the amount of money initially deposited. This communication does not (within the meaning of any applicable legislation) constitute a Prospectus or a public offering of securities; nor is it a recommendation, offer, invitation or solicitation to buy, sell or retain any specific investment or service.
The content in this communication has been compiled by CME Group for general purposes only and is not intended to provide, and should not be construed as advice. It does not take into account your objectives, financial situation or needs, and you should obtain appropriate professional advice before acting on or relying on the information set out in this communication. Although every attempt has been made to ensure the accuracy of the information within this communication as of the date of publication, CME Group assumes no responsibility for any errors or omissions and will not update it. Additionally, all examples and information in this communication are used for explanation purposes only and should not be considered, investment advice, the results of actual market experience, or the promotion of any particular products or services. All matters pertaining to rules and specifications herein are made subject to and superseded by official Chicago Mercantile Exchange Inc. (“CME”), the Chicago Board of Trade, Inc. (“CBOT”), the New York Mercantile Exchange, Inc. (“NYMEX”), and the Commodity Exchange, Inc. (“COMEX”) rulebooks or, as applicable, the respective Rulebooks of CME Group’s certain other subsidiary trading facilities. Current rules should be consulted in all cases including matters relevant to contract specifications.
