Reuters: US Dollar Report: UPDATE 1-N.American FX daily volume drops in October - survey

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UPDATE 1-N.American FX daily volume drops in October - survey Jan 29th 2013, 16:10 Tue Jan 29, 2013 11:10am EST NEW YORK Jan 29 (Reuters) - Foreign exchange volume in North America fell in October across most over-the-counter instruments, according to a biannual survey from the New York Federal Reserve-sponsored Foreign Exchange Committee released on Tuesday. A euro zone debt crisis and low interest rate regimes around the world have dampened investor appetite for currencies in general, analysts said. The FX committee also said the October volume reflects disruptions related to Superstorm Sandy. In North America, total volume was $793.5 billion in October 2012, down 7.7 percent from April. That was also 18.8 percent lower than a year earlier. Spot transactions posted the sharpest decline among all forex instruments, sliding 32.7 percent year-on-year to $381.1 billion. Only forward transactions showed an increase, rising 6.1 percent to $143.6 billion in October. The fall in volume was also most pronounced for transactions involving the euro versus the U.S. dollar, the FXC said. Declines in deals on euro/dollar accounted for roughly two-thirds of the overall decrease in daily turnover. The euro for most of last year traded within very narrow ranges, limiting opportunities for profit. Link this Share this Digg this Email Reprints

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