UK banks profit on volatility

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The weakening dollar, which lost 9% of its value against the euro during the first half, strengthened customer demand for currency hedging services, while increasing business from institutional investors boosted volumes elsewhere in the industry.

HSBC, whose FX dealing profits were up by 14% year-on-year to $669 million,said:"The global markets division produced record results, as increased customer sales combined with favourable trading conditions.

"Historically low interest rates and a wea