July 24, 2018 / 1:40 PM / a month ago

London FX trading volumes rise to record $2.7 trln in April - BOE

LONDON, July 24 (Reuters) - Daily trading volumes in the world's biggest foreign exchange trading centre, London, surged to a record in April, driven by a pick-up in trading currency swaps and the British pound, a semi-annual survey by the Bank of England showed on Tuesday.

Average daily forex turnover stood at $2.73 trillion in April, up 15 percent from six months ago, with swaps trading up 18 percent in that period versus an 8 percent rise in cash trading volumes.

Turnover in the British currency hit a record $351 billion, an 18 percent rise from October 2017 and nearly doubling from last year, as disappointment over the central bank not raising interest rates prompted traders to dump the pound against the dollar.

Daily turnover in the euro-dollar exchange rate jumped by 11 percent to $778 billion per day -- the most traded currency pair -- garnering a market share of 29 percent of the total traded volumes. Chinese yuan trade meanwhile had almost doubled from year-ago levels, the report said. (Reporting by Saikat Chatterjee; Editing by Sujata Rao)

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