Global currency trading volumes surge to highest-ever level
Trading in the foreign exchange market has hit $6.6 trillion per day, according to the latest survey from the Bank of International Settlements.
The BIS today reported today that volume in the survey month of April rose 29% compared to 2016. The comprehensive survey is conducted every three years.
Aside from the jump, what stands out was the rise in swaps trading -- which is now nearly half the market.
Other key details:
88% of all trades include USD
London accounts for 43% of all activity
US trading is 17% EM currencies are now 25% of turnover
Trading involving the euro hit 32%
Trading involving the yen at 17%
Yuan trading is 4%
Spot FX trading rose 20% to $2 trillion
The changes in volumes of the major currencies was muted compared to 2016 aside from a small drop in the yen but that may have been due to lower volatility in the survey month.