March 9, 2020 / 11:45 AM / 4 months ago

FX turnover jumps as traders rush to unwind leveraged bets

LONDON, March 9 (Reuters) - Turnover on some of the world's major currency pairs surged on Monday as a 30% crash in oil prices sent foreign exchange prices swinging wildly and triggered an investor stampede out of riskier currencies to the relative safety of the Japanese yen.

Trading volumes of euro-dollar, the most actively traded currency pair in the world, jumped to four times its 30-day average in early London trading, while Australian dollar and British pound volumes doubled, according to data from Refinitiv.

The rise in turnover was seen across other platforms too. Yen turnover was four times the usual volumes, euro volumes were 6.4 times the average and Aussie turnover was 3 times its 30-day average on Citibank's platforms, according to a market source. Citi is one of the largest players in the forex market.

Reporting by Saikat Chatterjee; Editing by Tommy Reggiori Wilkes

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