London’s FX Volumes Soar to $2.88 trillion Per Day

London’s FX Volumes Soar to $2.88 trillion Per Day

The daily British forex volumes rose to a new record high in October 2019, over a 6 month period from April of the same year. This information comes straight from the Bank of England’s trenial report on the forex market. These numbers might come to many as a surprise seeing the recent Brexit development.

The country’s 28 largests banks participated in the survey, showing a leap in traded forex products since the last survey. Daily foreign exchange volumes out of London have risen with the stagering 11% from the year prior to the survey (2018) to a record $2.88 trillion traded per day in October 2019. These figures staple London as the world’s top currency trading center, with a total of 40% of the global forex shares, surpassing New York’s daily turnover by more than three times.

This trillion dollar development has to thank the foreigh exchange swaps, whoses numbers jumped by 3%  to $1.49 trillion in October 2019, but also currency forwards and NDFs which rose by 10%. Interestingly, the uncertainty surrounding the UK’s and the EU’s next move concerning Brexit has also contributed.

However, this surge was not evident across all the major currencies, as demonstrated by the daily EUR/USD turnover, which fell by $26 billion to $831 billion per day. Yet, the GBP/USD turnover surged by 13%, with a %431 billion in dily tunover.

We are in the middle of  political and financial mindfield, and it seems that for now things are running smooth, yet as the negotiations between the UK and the EU are slowly but surely impending, the results, whatever they may be, will inevitably be exhibited.

 

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