Euro/sterling daily trading leapt to a record in October, according to the latest semi-annual survey from the Bank of England (BoE).
Average turnover reached $82 billion, up 50% from the previous survey in April. Turnover of USD/GBP, meanwhile, rose 11% to $326 billion.
The analysis, conducted by the bank’s foreign exchange joint standing committee, covers 27 financial institutions active in the UK FX market.
The swaps data series has been … difficult to understand
Simon Manwaring, NatWest Markets
Sterling volumes were driven by the UK’s departure from the European Union as well as the meltdown in risk markets and their subsequent recovery, which led to heightened volatility, said analysts.
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