It is an educational guess.

If your conclusion sounds, you will get the following verification,
1. the fluctuation of currency market transaction time curve will lag behind that of capital(stock and bond) market.  Peak vs Peak  trough vs trough

2. the total currency market transaction amount time curve will lag behind that of capital(stock and bond) market.   Transaction diversification dimension is our main concern here.

You may find relevant data on United States Census Bureau website and U.S. SEC websites.
Bond market information is very limited. Do expect to get sufficient information on this topic.
Debt market is not as transparent as stock market even in U.S.