LONDON: Daily global currency trading volumes in August fell nearly 6% to $1.659 trillion year-on-year CLS data showed on Tuesday, as a lull following a COVID-19 led spike earlier in the year dented turnover.
CLS, a major settler of trades in the foreign exchange market, said the average daily traded volume in August was down from $1.75 trillion last year and also 0.5% below the $1.657 trillion seen in July.
The drop in market turnover coincided with a volatile month for currency markets with gauges of expected price swings for major currencies vaulting to a four-month high amid signs of second coronavirus waves.
August’s drop is a second consecutive monthly drop for FX volumes and comes after a big jump in turnover on trading platforms in March as the pandemic roiled financial markets and fuelled a sharp surge in market volatility.
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