Global FX turnover jumps 11% in November as vaccines spur trading

FILE PHOTO: Saudi riyal, yuan, Turkish lira, pound, U.S. dollar, euro and Jordanian dinar banknotes are seen in this illustration taken January 6, 2020. REUTERS/Dado Ruvic/Illustration

LONDON (Reuters) - Average daily foreign exchange trading volumes jumped 11% in November versus a year earlier as the U.S. election result and the Pfizer/BioNTech Covid-19 vaccine announcement triggered a sharp rise in spot activity, CLS said on Monday.

CLS, a major settler of trades in the foreign exchange market, said in a statement that the average daily traded volume of currencies submitted to it hit $1.78 trillion in November, up from the $1.6 trillion reported last year.

The jump in activity was led by a surge in spot trading, with volumes increasing by 23% on 2019 levels. Swap turnover rose 5.7% year-on-year, CLS said.

Reporting by Tommy Wilkes, Editing by Iain Withers