FX volumes generally up in October and Singapore shines

Semi-annual central bank surveys of FX markets show growth overall in four out of five centres

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Singapore wins: largest yearly volume gains of the five global currency hubs

Foreign exchange volumes grew on average in four out of the five major reporting hubs in October 2016, compared with the same month last year, but a significant surge in activity in Singapore signals a shift of trading activity to Asia, according to the semi-annual turnover reports published by central banks.

While only Australia reported a year-on-year contraction of overall activity, Singapore trumped both the UK and US in its growth rate, narrowing the gap behind them as the third-largest FX

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