REFILE-Daily UK FX volumes jump in six months to April - Bank of England survey

Mon Jul 29, 2013 10:58am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Dollar/yen drives jump in volumes

* Share of sterling, Australian dollar drop

* CLS data shows average daily value at $5 trillion

By Anirban Nag

LONDON, July 29 (Reuters) - Average daily turnover in UK foreign exchange markets jumped from more than two-year lows to record highs in the six months to April, driven by a surge in dollar/yen trade, a Bank of England survey showed on Monday.

Average daily turnover of spot, outright forwards, non-deliverable forwards, swaps, FX options and currency swaps totalled $2.55 trillion in April, up 26 percent from October 2012 and 19 percent from the same period in 2012, the central bank said in its semi-annual survey of the UK foreign exchange market.

Higher foreign exchange turnover generally means higher market trading revenues for banks and can also point to increased international trade in goods and services.

The Bank of England released the data as part of a global semi-annual survey of FX turnover. London and New York are the world's biggest currency trading centres.   Continued...