Can you explain those FX swaps a bit better and make some practical examples? Is there data who are the counterparties in most cases and most common use cases? (Hedging, plannability of business etc)
$55 trillion between banks and non-banks and esp. $3.5 trillion per day are enormous numbers.
Can you establish how much of international business is hedged with those kind of swaps and how much is unhedged? (This might help to establish by how much business needs/settlements are driving fx ratios)
Example: Let’s assume a deal settles in e.g. dollar or any other currency that one counterparty does not want to hold longterm, which % of volume have fx swaps established to swap those dollar to their own currencies vs. which volumes need to swap dollar on the spot market and therefore driving exchange ratios?