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Last Updated : Sep 16, 2020 04:58 PM IST | Source: Reuters

Daily FX turnover drops nearly 6% to $1.65 trillion year-on-year: CLS

The drop in market turnover coincided with a volatile month for currency markets with gauges of expected price swings for major currencies vaulting to a four-month high amid signs of second coronavirus waves.

Reuters

Daily global currency trading volumes in August fell nearly 6 percent to $1.659 trillion year-on-year CLS data showed on Tuesday, as a lull following a COVID-19 led spike earlier in the year dented turnover.

CLS, a major settler of trades in the foreign exchange market, said the average daily traded volume in August was down from $1.75 trillion last year and also 0.5 percent below the $1.657 trillion seen in July.

The drop in market turnover coincided with a volatile month for currency markets with gauges of expected price swings for major currencies vaulting to a four-month high amid signs of second coronavirus waves.

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August's drop is a second consecutive monthly drop for FX volumes and comes after a big jump in turnover on trading platforms in March as the pandemic roiled financial markets and fuelled a sharp surge in market volatility.

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First Published on Sep 16, 2020 04:57 pm
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