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World currency trade rises 17% to $2.7 trillion a day
Global currency trading rose to $2.7 trillion a day between April and October, the first growth since the six months to April 2008, the Reserve Bank of Australia said, citing data from five markets.
Transactions increased by 17 percent from the previous six months, the RBA said in a report based on figures from Australia, the U.S., U.K., Canada and Singapore. These markets account for more than 60 percent of world currency trading, the RBA said.
“The broad-based increase in turnover is in line with improvement in global economic and financial conditions since early 2009,” Crystal Ossolinski and Andrew Zurawski, who work in the RBA’s international department, wrote in the report.
The improvement in overall turnover was broad based across all instruments over the six-month period, with the rebound in spot and forwards particularly sharp, the report said.
“One factor driving the rebound in turnover in these instruments was the recovery in international trade from its crisis-related trough in early 2009,” the analysts wrote.
Spot and forwards turnover in Australia surged 66 percent, a larger increase than in other regional markets, partly reflecting the relatively sharp pick-up in Australia’s international trade in late 2009, the report said.
Source: businessweek.com
Global currency trading rose to $2.7 trillion a day between April and October, the first growth since the six months to April 2008, the Reserve Bank of Australia said, citing data from five markets.
Transactions increased by 17 percent from the previous six months, the RBA said in a report based on figures from Australia, the U.S., U.K., Canada and Singapore. These markets account for more than 60 percent of world currency trading, the RBA said.
“The broad-based increase in turnover is in line with improvement in global economic and financial conditions since early 2009,” Crystal Ossolinski and Andrew Zurawski, who work in the RBA’s international department, wrote in the report.
The improvement in overall turnover was broad based across all instruments over the six-month period, with the rebound in spot and forwards particularly sharp, the report said.
“One factor driving the rebound in turnover in these instruments was the recovery in international trade from its crisis-related trough in early 2009,” the analysts wrote.
Spot and forwards turnover in Australia surged 66 percent, a larger increase than in other regional markets, partly reflecting the relatively sharp pick-up in Australia’s international trade in late 2009, the report said.
Source: businessweek.com
Publication date: 3/11/2010
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