Central bank data shows FX market still growing

Two surveys released this week suggest that while the FX market is still expanding, the rate of growth has slowed. Covering activity in October 2007, the US foreign exchange committee (FXC), which meets under the auspices of the New York Fed, and the UK’s joint standing committee (FX JSC), which is sponsored by the Bank of England, show that activity rose by 13% in the US market from April 2007 and by a more modest 7% in the UK. Total average daily turnover in the US was put at $701 billion, while in London it was $1.334 billion (see table below).