The latest figures confirm the London as world’s biggest currency trading hub and with daily volume of more than double that of its nearest rival, New York. The latest figure is higher recorded since the survey began in 2014 and best than its previous record of $2.71 trillion set in October 2014.
According to the survey, the upside trend in volumes was recorded across all major currencies probably due to heightened market volatility. Daily turnover in EUR/USD pair was the highest among the currency pair which rose by 11 per cent to $778 billion per day and had a market share of 29 per cent. The turnover in GBP/USD rose to 351 billion, up by 18 per cent from October 2017 and almost double from last year.
FXSpotStream, a bank-owned consortium that provides the infrastructure to facilitate the route of trades from clients to liquidity providers, announced that its reported trading volumes grew at the fastest rate of all eFX cash venues in the first half of 2018, at 49% percent.
The currency turnovers in North America, another major currency trading hub posted strong gains from year-ago levels, as the data released by New York Federal Reserve semiannual survey released on Tuesday. Across Atlantic, the daily currency trading volumes averaged $993.55 billion in April, up 11.7 per cent from a year ago levels, the New York Fed said.
According to another survey on the same grounds conducted by the Foreign Exchange Market Committee in Singapore, average FX daily volume in April 2018 is estimated at $534 billion which is 8 per cent higher from last year, April 2017.
The Canadian Foreign Exchange Committee (CFEC) also reported daily average currency turnover activity if $95 billion in April 2018, where a major part of the turnover was reported in Forex swaps at $60.5 billion ( up by 23.2 per cent), spot volumes were recorded at $20.7 billion (up by 15.6 per cent) and outright forwards were stable at $13.6 billion.