The Financial Post reports in its Thursday edition that global foreign-exchange trading hit a record high this year, averaging $9.5-trillion (U.S.) daily in April after U.S. President Donald Trump's trade tariffs disturbed markets, according to the Bank for International Settlements. A Bloomberg dispatch to the Post reports that the tariffs had a substantial impact, leading to an unexpected decline in the U.S. dollar and exceeding $1-trillion (U.S.) in average daily over-the-counter transactions in April, said BIS's quarterly review. FX trading rose by over 25 per cent compared with the 2022 survey, surpassing the peak seen during the pandemic in March, 2020, according to the updated report. BIS's Wenqian Huang, Ingomar Krohn and Vladyslav Sushko wrote: "The FX market appeared to act as a shock absorber during the turbulence in April, 2025. The historical relationship between the U.S. dollar and risky assets reversed, leading many to hedge their dollar exposures for currency risk." Mr. Trump's "Liberation Day" tariffs, announced on April 2, unsettled global markets and caused a decline in the U.S. dollar's safe-haven status. A JPMorgan currency volatility index reached its highest point in two years that month.