© Reuters. FILE PHOTO: An employee counts U.S. dollar bills at a money exchange in central Cairo, Egypt, March 20, 2019. REUTERS/Mohamed Abd El GhanyLONDON (Reuters) – Average daily turnover in foreign exchange markets soared 21% in May to $1.8 trillion versus the same month a year earlier, CLS said on Tuesday, aided by big rises in trading of the U.S. dollar against the euro, Japanese yen and Canadian dollar.
CLS, a major settler of trades in FX markets, said turnover was up across spot, forward and swap markets — the latter by a notable 25% — versus May 2020 levels.
While FX volatility remains subdued investors were busy changing their positioning on the U.S. dollar in May as they weighed up when the Federal Reserve would begin taking a more hawkish tone on monetary policy and its pandemic-driven stimulus.
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