Investment banks that thought 2025 would bring a windfall of mergers and acquisitions fees have been disappointed so far. Nor are equity and credit traders likely to deliver outsized gains, following a blockbuster 2024. But some comfort could come from a less glamorous place: currencies.

President Donald Trump’s yo-yoing tariff decisions are an ordeal for companies trying to keep supply chains and operations running smoothly. But they have also ruffled the usually calm world of foreign exchange. The Mexican peso, the Canadian dollar and the euro have all seen big price movements with each Trump trade threat and reprieve.

Where there is volatility, there is often a trading opportunity. February was a record month for currency futures and options trading at CME Group. The average daily open interest — a figure that represents all futures contracts held by market participants — reached 3.25mn contracts, equivalent to a notional $297bn.