The economic data which might affect the forex market is light today. So, let´s take a look at what forex market share is traded in the US and the UK. The FED (Federal Reserve) released the forex report which shows the volume of the currency traded in the US. The average daily volume increased by 1.0% year on year, reaching $893.2 billion. If we take into account that the daily forex volume traded globally is about $5 trillion, the US share of forex trading is about 17.8%.
That´s quite a big chunk for just one country, but not as big as the share of the UK. The BOE (Bank of England) forex report showed that the daily forex volume traded in the UK fell by 9% year on year in April, but with $2.2 trillion the UK stands firmly on top in the forex world. 44% of the global forex trading takes place in the UK, mainly in the City in London, which is down from 48% last year. That´s the reason that the forex market is quiet when London is off.
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