It’s been a strange week. Phone calls from my muckers suggest next to nothing has been going on in the wonderful world of the “$4 trillion a day FX Market”©. Yes, I know it’s barely a week since the Bank for International Settlements published its authoritative Triennial central bank survey, reporting daily activity of $3.2 trillion. As we all know, turnover has continued to expand since then, and I for one don’t want to use what might be out of date data for the next three years to refer to the market’s size; so I’m sticking with my guesstimate.
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