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RBC and ANZ stay on top in active markets

Both currencies have done well out of general US dollar weakness, but have also been boosted by high interest rates and their status as commodity-based currencies. Said Harry Samuel, co-head of fixed income and currencies and head of treasury at RBC Capital Markets in London: "As CAD has been very closely aligned with oil, it has been carried along - although one must acknowledge that many currencies are near extremes either in years or decades."

As such, Canada has benefited from strong inflows

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Best Asia FX spot house: UBS

Thanks to its significant investments to boost spot liquidity in Apac, UBS was able to continue quoting competitive prices throughout bouts of extreme volatility in the latter part of 2024 and first quarter of 2025

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