Economics
Embattled Currency Market Proves Resilient to Global Threats
- Daily volume drops 5% from 2013 in BIS triennial survey
- Spot trading falls for first time since 2001; swaps use rises
Currency Market Averages $5.1 Trillion Daily Volume
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The strength of the global foreign-exchange market surprised many when the Bank for International Settlements published its latest triennial survey on the industry.
Given the range of threats facing the market, the drop in average daily trading to $5.1 trillion in April, from a revised $5.4 trillion three years earlier, was smaller than CLS Group Holdings AG and Capital Economics Ltd. anticipated. If it hadn’t been for the dollar’s appreciation, the volume would actually have risen about 4 percent, according to the report Thursday from the BIS, known as the central bank’s central bank.