March 24, 2020 / 9:33 AM / 4 days ago

FX daily turnover tops $2.3 trln in March as virus sparks volatility surge - CLS

LONDON, March 24 (Reuters) - The meltdown in financial markets over the coronavirus has sparked a jump in foreign exchange trading volumes, with average daily turnover so far in March up 27% on February’s numbers as volatility soared, CLS said on Tuesday.

CLS, a major settler of trades in the foreign exchange market, said in a statement that high average daily volumes seen at the end of February had continued into March, with spot volumes in particular surging.

So far in March, average daily turnover has hit $2.3 trillion, CLS said. That compares with $1.8 trillion in February and $1.86 trillion in March 2019.

March has seen forex market volatility soaring to multi-year highs as investors panicked over the economic impact of the coronavirus. (Reporting by Tommy Reggiori Wilkes)

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