LONDON (Reuters) - Average daily foreign exchange trading volumes rose 6.7% year-on-year in July to $1.75 trillion (£1.44 trillion), CLS said on Thursday, as a pick-up in volatility encouraged more buying and selling of currencies.
CLS, a major settler of trades in the foreign exchange market, said in a statement that July’s volumes were down by 7.1% from June’s daily average, however.
Growth in swap and forwards trading offset a year-on-year fall in spot activity, CLS said.
Refinitiv, which runs one of the world’s largest FX trading platforms, also said volumes had risen year-on-year in July. Average daily turnover hit $417 billion across spot and options markets in July, down from June’s $452 billion but up 4.7% from the same month in 2018.
Foreign exchange markets have seen an increase in volatility in recent weeks, albeit from a low base, following a series of dovish turns by major central banks.
Reporting by Tommy Reggiori Wilkes; Editing by Alison Williams