London daily FX trading volumes rise on year in April - BoE

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London daily FX trading volumes rise on year in April - BoE

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By Saikat Chatterjee LONDON (Reuters) – Foreign exchange trading out of London reached $2.44 trillion (1.86 trillion pounds) in April, up 10 percent from the same month last year, thanks to a rise in turnover in sterling and the euro against the dollar, a semi-annual survey by the Bank of England showed on Wednesday. The latest survey cements London’s position as the world’s biggest foreign exchange trading centre despite concerns about Brexit’s impact on the financial industry. The survey showed trading in the pound since Britain’s surprise decision last June to leave the European Union drove a 5 percent rise, compared with the previous survey in October, in daily trading of the currency against the dollar to a record $296 billion. Daily turnover in the euro-dollar exchange rate jumped by 14 percent to $696 billion per day, its highest level since April 2015, according to the survey. Of the various instruments, foreign exchange swaps saw the biggest increase in turnover in April 2017 from six months earlier, with a 14 percent rise in volumes. “This shows fears of a Brexit impact on currency trading turnover is not being reflected for now, but this may change,” said a currency strategist at a U.S. bank in London.

(Reporting by Saikat Chatterjee, editing by Nigel Stephenson)
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