Currency Trading Slumps Globally as Swaps, Forwards Fall Out of Favor
- Average daily volume fell to $2.6 trillion in October in U.K.
- Turnover also declined in North America, Tokyo and Australia
Photographer: Sanjit Das/Bloomberg
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Global activity in the foreign-exchange market is on the decline as traders step away from forward and swap transactions.
Average daily foreign-exchange turnover in the U.K. dropped to $2.6 trillion in October 2018, a 4 percent fall from the record high of $2.7 trillion in April 2018, according to data released Tuesday by the Bank of England. In North America, daily volume dropped 0.1 percent to $995 billion in October from a year earlier, a report from the Federal Reserve Bank of New York showed. Tokyo and Australia also reported declining volumes.