Forex Trades & Talk
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LONDON -(Dow Jones)- Currency trading volumes have soared to $3.2 trillion a day over the past three years, data from the Bank for International Settlements, released Tuesday, showed.
That marks a 71% jump in core currencies products from the BIS's previous survey in 2004 - the biggest leap ever in the benchmark report's 18-year history.
Hedge funds, cross-border investors, technical traders and retail accounts have all contributed to the soaring levels of activity, with the U.K. dominating flows, the Basel-based central bank for central banks reported.
Trading in over-the-counter products such as foreign exchange options, cross-currency swaps and interest rate derivatives has also soared 71% over the past three years, with average daily volumes hitting $2.1 trillion.
All of these data are very closely watched by banks and others in the currencies market, as they help dealers and trading systems to measure their market share. They also help market participants to figure out what size of transactions could push exchange rates around.
The BIS carries out this survey of the foreign exchange market every three years. This year, it gathered data from 54 central banks and monetary authorities, each of which measures levels of activity among local currency dealers. The survey measured all activity in the markets during April, and then broke that down to a daily average.
Of the $3.2 trillion-a-day flow in basic products - spot, foreign exchange swaps, and forwards - swaps trading volumes have grown particularly quickly, up 82% since 2004 to $1.7 trillion a day. Spot trading has grown 62% to $1 trillion a day.
Trading between dealers and all types of counterparties surged, but trading between dealers and other financial institutions grew particularly strongly, reaching 40% of the total, from 33% in 2004. In contrast, trading between dealers dropped from 64% of the total in 1998 to 43% now - possibly a knock-on effect from banking consolidation.
The BIS reported that the currency composition of turnover has changed only slightly over the past three years. The weakness of the dollar and the yen have generated an apparently lower volume share for those currencies.
In contrast, the BIS said that the use of some high-yielding currencies such as the Australian and New Zealand dollars as targets in the so-called carry trade has boosted trading volumes in those currencies, even taking valuation effects into account.
The trading volume share for the Hong Kong dollar has also risen, which the BIS said could be down to Hong Kong's links with China. Trading in emerging markets currencies has broadly increased, and these currencies are now involved in 20% of all transactions.
The U.K. and the U.S. remain by far the largest currency trading centers for core products, together accounting for just over half of the total. The U.K.'s market share has grown 2.8 percentage points to 34.1%, but the U.S.'s share has fallen 2.6 percentage points to 16.6%.
Switzerland has overtaken Japan as the third-largest trading center, handling 6.1% of the total, up from 3.3%. Japan now handles 6%, down from 8.3%.
Singapore is the fifth-largest center, handling 5.8% from 5.2%, followed by Hong Kong, at 4.4% from 4.2%. Australia now handles 4.2%, up from 3.4%.
India's presence in the market has grown quickly, with trading volumes there growing from $7 billion a day to $34 billion a day, marking a 0.9% market share.
Growth was also strong in the OTC derivatives market, with trading in cross-currency swaps and foreign exchange options climbing 111% to $300 billion a day, outstripping the growth in core products.
The BIS noted that while options remain the main OTC currency product, at $212 billion a day, currency swaps volumes have grown 281% to $80 billion. Part of this could be down to hedging on foreign currency bonds, the BIS said.
Currency swaps commit counterparties to exchanging streams of interest payments in different currencies for an agreed period. They differ from foreign exchange swaps, which involve the actual exchange of two currencies on a specific date, with a further exchange in reverse at a future point.
The U.K. and U.S. command a combined 66% market share in overall O.T.C. derivatives, with the U.K. leading.
Since the time this survey was conducted in April, industry insiders say that currency trading volumes have grown still further, with unusually volatile trading in August and September boosting the market's size.
Several trading systems reported record highs in daily trading volumes in mid-August, with Icap PLC-owned (IAP.LN) EBS handling more than $450 billion Aug. 16 - three times the usual daily average on this core bank-to-bank trading platform.
Processing firm CLS Bank, which ensures that each side of a currency transaction gets paid, said that since April, it has seen a 27% rise in the value of trades it handles. In a recent record day, it processed two-and-a-half times April's average daily flow.
Neueste Zahlen zum Forex Markt
Durchschnittliches Tagesvolumen: 3.2 Trillionen US$ / 71% mehr als vor 3 Jahren / Grösste Steigerung seit Start der Datenerfassung vor 18 Jahren
Nur Spotrading: 1 Trillion US$ / 62% mehr als vor 3 Jahren
Volumen für USD und JPY hat abgenommen
Volumen für AUD und NZD hat zugenommen (carry trading)
Volumen für HKD hat zugenommen (China-Link, HKD ist an den USD gebunden)
Emerging markets Währungen (aufstrebende Märkte) sind jetzt an 20% aller Transaktionen beteiligt
Forex Handelsplätze: GB 34.1% (zunahme), USA 16.6% (abnahme), CH 6.1% (zunahme), JPN 6% (abnahme), Singapore 5.8% (zunahme), HK 4.4% (zunahme), AUS 4.2% (zunahme), Indien 0.9% (legt stark zu).
Diverse Plattformen haben im August Rekordvolumen festgestellt. Volumenzunahme ist immer noch vorhanden.
BIS -
DUBAI (Zawya Dow Jones)--Iran is selling more than two-thirds of its crude oil in currencies other than the U.S. dollar, a government official said Tuesday according to the oil ministry's official Shana Web site.
About 70% of Iran's crude is now being sold against euro and yen, rather than the dollar, Shana quoted the marketing manager of state-run National Iranian Oil Co., or NIOC, Mohammad-Ali Khatibi, as saying.
Several Japanese refiners have already followed Nippon Oil Corp. (5001.TO) in paying in yen for crude imports from Iran, Khatibi said, according to Shana.
NIOC earlier this year asked Japanese crude oil buyers to shift to paying in yen, in line with Tehran's efforts to reduce its U.S. dollar holdings amid political pressure from the U.S. and a weak dollar.
All Japan-based purchasers of Iran's oil have been asked to replace dollar with yen in their deals but some have requested additional time to change their payment policy, Shana reported.
Nippon Oil buys around 120,000 barrels a day of crude oil from NIOC under term contracts, accounting for 25% of Japan's total crude oil imports from Iran, the second-largest producer in the Organization of Petroleum Exporting Countries behind Saudi Arabia.
2007.09.25 -
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NEW YORK (Dow Jones)--The euro is nearly 1% stronger against the dollar Thursday and recently hit a fresh all-time high near $1.41 as lower U.S. interest rates by the Federal Reserve keep chipping away at the dollar's value.
Adding pressure to the greenback was Saudi Arabia's decision to keep interest rates on hold this week, rather than moving its rates in lockstep with the Federal Reserve's cuts, as it often does.
Saudi Arabia's currency is essentially pegged to the dollar, and the fact that it hasn't followed the Fed's reduction with one of its own "has many speculating that they are moving closer to removing the dollar peg," said Camilla Sutton, currency strategist at Scotia Capital in Toronto.
Should the Saudis de-peg, she said, "it would cause both a psychological and real drop in demand for the dollar-denominated assets, which would be U.S.-dollar bearish," Sutton said. Saudi Arabia, like most petroleum-producing nations, holds a huge amount of its foreign reserves in dollars.
Saudi officials on Thursday said their decision to hold rates steady should not be interpreted to suggest they are necessarily de-pegging their currency to the buck, but investors continued to sell the buck anyhow.
"It's not necessary that there will be a de-pegging of the riyal from the U.S. dollar, not in the near future," Ihsan Bu- Hulaiga, who heads a government-appointed finance committee that advises King Abdullah, said in an interview with Bloomberg News.
Hoppala. Nachdem sich Kuwait schon vom US$ gelöst hat (berechnen ihre Währung jetzt nach einem "Korb" von Währungen), Iran sowieso schon auf Euro umgestellt hat, kommen jetzt Spekulationen über Saudi Arabien auf. Spektakulärerweise haben die den Zinsschritt der US-FED vom Dienstag nicht mitgemacht. Was offenbar so aussergewöhnlich ist das Interpretationen ins Kraut schiessen. Erstmal wird aber noch abgewiegelt...
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ja die zinssenkung in us zeigt erste auswirkungen...Fisch schrieb:
Die 1,40 im Euro sind bald erreicht! Aber ein konfuses Geschehen, wie lange nicht mehr!I go for it! -
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DanielR schrieb:
jau, gestern um 22h war der nächste Handelstag schon näher, wenn man bedenkt, dass die Zeitverschiebung 7 Stunden beträgt.If you don't bet, you can't win.
If you lose all your chips, you can't bet.
- Larry Hite -
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The Trend is your only Friend
- einer, der Bescheid weiß - -
na gestern, also Montag. oder meinste wegen zeitverschiebung ....RS8 schrieb:
Der war aber schon
gruß,
danielrI go for it! -
DanielR schrieb:
Achja, kleine Info zu Japan heute:
Holiday: Respect-for-the-Aged Day
Der war aber schon If you don't bet, you can't win.
If you lose all your chips, you can't bet.
- Larry Hite -
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The Trend is your only Friend
- einer, der Bescheid weiß - -
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Am besten heute lange Mittagspause machen um 15.15 Uhr und 16.00 Uhr steht ja noch mehr anDanielR schrieb:
Heute 14.30 Uhr wieder wichtige News "US Retail Sales".
Gruß,
Danielr -
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