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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) -0.35% 0.9213 Delayed Quote.-5.30%
AUSTRALIAN DOLLAR / JAPANESE YEN (AUD/JPY) 0.65% 79.91 Delayed Quote.-0.63%
AUSTRALIAN DOLLAR / NEW ZEALAND DOLLAR (AUD/NZD) -0.18% 1.03264 Delayed Quote.-3.51%
AUSTRALIAN DOLLAR / SWISS FRANC (AUD/CHF) 0.38% 0.6716 Delayed Quote.-1.96%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.57% 0.72716 Delayed Quote.-6.06%
BRITISH POUND / AUSTRALIAN DOLLAR (GBP/AUD) 0.07% 1.88374 Delayed Quote.6.41%
BRITISH POUND / SWISS FRANC (GBP/CHF) 0.51% 1.2669 Delayed Quote.4.32%
BRITISH POUND / US DOLLAR (GBP/USD) 0.67% 1.36988 Delayed Quote.-0.12%
CANADIAN DOLLAR / SWISS FRANC (CAD/CHF) 0.80% 0.7291 Delayed Quote.3.73%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.95% 0.78901 Delayed Quote.-0.64%
CHINESE YUAN RENMINBI / SWISS FRANC (CNY/CHF) -0.08% 0.143187 Delayed Quote.5.34%
DANISH KRONE / SWISS FRANC (DKK/CHF) -0.27% 14.52 Delayed Quote.0.55%
EURO / AUSTRALIAN DOLLAR (EUR/AUD) -0.38% 1.61093 Delayed Quote.2.20%
EURO / SWISS FRANC (EUR/CHF) 0.08% 1.08342 Delayed Quote.0.15%
EURO / US DOLLAR (EUR/USD) 0.22% 1.1713 Delayed Quote.-4.03%
HONGKONG-DOLLAR / SWISS FRANC (HKD/CHF) -0.18% 11.8769 Delayed Quote.3.88%
INDIAN RUPEE / SWISS FRANC (INR/CHF) 0.07% 0.012545 Delayed Quote.3.44%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.24% 0.013569 Delayed Quote.-0.91%
JAPANESE YEN / SWISS FRANC (JPY/CHF) -0.28% 0.8415 Delayed Quote.-1.32%
NEW ZEALAND DOLLAR / SWISS FRANC (NZD/CHF) 0.62% 0.65118 Delayed Quote.1.69%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.78% 0.7041 Delayed Quote.-2.56%
RUSSIAN ROUBLE / SWISS FRANC (RUB/CHF) 0.03% 0.012713 Delayed Quote.5.75%
SINGAPORE-DOLLAR / SWISS FRANC (SGD/CHF) 0.28% 0.6853 Delayed Quote.1.97%
SWEDISH KRONA / SWISS FRANC (SEK/CHF) 0.27% 0.10688 Delayed Quote.-1.23%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.10% 6.46087 Delayed Quote.-0.42%
US DOLLAR / SWISS FRANC (USD/CHF) -0.15% 0.9245 Delayed Quote.4.37%
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