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London FX turnover hits new high as commodity currency trading soars

07/27/2021 | 10:02am EDT
FILE PHOTO: A picture illustration of  U.S. dollar Swiss Franc British pound and Euro bank notes

LONDON (Reuters) - Trading on London's foreign exchange market reached a record high in April of $3 trillion in average daily turnover, the Bank of England said on Tuesday, with significant rises in dollar, sterling, Japanese yen and commodity-linked currency volumes.

In its semi-annual survey of turnover in the world's largest foreign exchange centre, the bank said average daily reported UK FX volumes rose 24% versus April 2020 levels. This was thanks to sharp rises in trading of swaps, spot and forward products.

Volatility in FX markets has fallen since a COVID-19-triggered rout in 2020, but with trading volumes across record-high stock markets continuing to surge into 2021, demand for buying and selling currencies has been growing too.

As well as double-digit percentage rises in the top traded currency pairs - euro/dollar, sterling/dollar and dollar/yen - a huge rally in commodity prices in the past year, as investors bet on a strong global economic rebound, has fuelled big increases in Canadian and Australian dollar trading.

Turnover in the Canadian currency versus the U.S. dollar jumped 46% from April 2020 levels to a daily average of $136.7 billion, while trading in the Aussie rose 30% to $121.3 billion, the Bank of England said, making them the fourth and fifth most traded currency pairs respectively.

Several emerging market currencies such as the Indian rupee also saw large increases.

The Swiss franc was one of the few to see a dip in turnover, with trading versus the dollar down slightly on last year.

Chinese yuan activity was up significantly on last April but has fallen since the October survey.

(Reporting by Tommy Reggiori Wilkes; Editing by Mark Potter)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / CANADIAN DOLLAR (AUD/CAD) -0.17% 0.9239 Delayed Quote.-5.30%
AUSTRALIAN DOLLAR / JAPANESE YEN (AUD/JPY) 1.09% 80.35 Delayed Quote.-0.63%
AUSTRALIAN DOLLAR / NEW ZEALAND DOLLAR (AUD/NZD) -0.38% 1.03066 Delayed Quote.-3.51%
AUSTRALIAN DOLLAR / SWISS FRANC (AUD/CHF) 0.54% 0.67366 Delayed Quote.-1.96%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.97% 0.73016 Delayed Quote.-6.06%
BRITISH POUND / AUSTRALIAN DOLLAR (GBP/AUD) -0.07% 1.8812 Delayed Quote.6.41%
BRITISH POUND / SWISS FRANC (GBP/CHF) 0.48% 1.26746 Delayed Quote.4.32%
BRITISH POUND / US DOLLAR (GBP/USD) 0.91% 1.37359 Delayed Quote.-0.12%
CANADIAN DOLLAR / SWISS FRANC (CAD/CHF) 0.70% 0.72917 Delayed Quote.3.73%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 1.04% 0.78999 Delayed Quote.-0.64%
CHINESE YUAN RENMINBI / SWISS FRANC (CNY/CHF) -0.21% 0.142999 Delayed Quote.5.34%
DANISH KRONE / SWISS FRANC (DKK/CHF) 0.03% 14.515 Delayed Quote.0.55%
EURO / AUSTRALIAN DOLLAR (EUR/AUD) -0.49% 1.60752 Delayed Quote.2.20%
EURO / SWISS FRANC (EUR/CHF) 0.04% 1.08306 Delayed Quote.0.15%
EURO / US DOLLAR (EUR/USD) 0.42% 1.17377 Delayed Quote.-4.03%
HONGKONG-DOLLAR / SWISS FRANC (HKD/CHF) -0.38% 11.8514 Delayed Quote.3.88%
INDIAN RUPEE / SWISS FRANC (INR/CHF) -0.06% 0.012528 Delayed Quote.3.44%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.24% 0.013569 Delayed Quote.-0.91%
JAPANESE YEN / SWISS FRANC (JPY/CHF) -0.75% 0.8377 Delayed Quote.-1.32%
NEW ZEALAND DOLLAR / SWISS FRANC (NZD/CHF) 1.01% 0.65359 Delayed Quote.1.69%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 1.41% 0.70836 Delayed Quote.-2.56%
RUSSIAN ROUBLE / SWISS FRANC (RUB/CHF) -0.13% 0.012693 Delayed Quote.5.75%
SINGAPORE-DOLLAR / SWISS FRANC (SGD/CHF) 0.12% 0.6845 Delayed Quote.1.97%
SWEDISH KRONA / SWISS FRANC (SEK/CHF) 0.26% 0.106868 Delayed Quote.-1.23%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.10% 6.46075 Delayed Quote.-0.42%
US DOLLAR / SWISS FRANC (USD/CHF) -0.39% 0.92269 Delayed Quote.4.37%
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