Foreign Exchange Market Grows

27 July 2010 - Which Way To Pay

    



Foreign Exchange Market Grows

 

 

The foreign exchange (forex) market grew in April, from $3.2 trillion in October to over $4 trillion in April, according to latest data readings.

 

Being the largest liquid market in the world, the forex market is accessed from around the globe by a variety of participants from big banks to small retail investors.

 

In April, the market grew by around 12 per cent in daily trading volume in the US, and by around 15 per cent in the UK (compared with October).

 

Analysts have cited the Greek debt crisis as one of the main causes for the growth spurt.  Any major news story has its impact on investors, who rush to change their currency positions.

 

The euro itself took a battering in the early part of the year; since January it has slumped 9.6 per cent versus the US dollar.  The most-traded currency pair in the UK was the EUR/USD pair.

 

Meanwhile oil company BP has announced its first quarterly loss in 18 months, with over $17 billion.  The announcement was made adjacent to the news that CEO Tony Hayward is stepping down, to be replaced by US executive Bob Dudley.

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