January 25, 2018 / 4:13 PM / a year ago

London daily FX volume falls in October: survey

LONDON (Reuters) - Foreign exchange trading out of London declined 4 percent in October 2017 to $2.23 trillion, compared with six months earlier, thanks to a drop in volumes in cash spot and swaps, a semi-annual survey by the Bank of England showed on Thursday.

The survey showed spot turnover in London, the world’s biggest currency trading hub, declined by $45 billion per day from six months ago to $677 billion daily.

The decline in volumes traded was across the board for all major currencies, according to the survey, perhaps a reflection of falling market volatility.

Daily cash volumes for sterling GBP= fell 6 percent to $285 billion over the six months to October 2017. The fall in dollar/yen JPY= spot trading volumes was the biggest with a 20 percent drop over the last six months.

Daily turnover in the euro-dollar exchange rate EUR= decreased by 14 percent to $673 billion per day, according to the survey.

Reporting by Saikat Chatterjee; Editing by Toby Davis

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