London remains centre of currency trading as volumes inch higher

Average daily volumes increase by 5% in six months to reach $2.213 trillion.

London continues to maintain its position as the centre for currency trading, according to data released by a group of leading central banks.

According to the Bank of England, the UK traded an average daily FX turnover of $2.213 billion in April 2016 – an increase of 5% from October 2015. This was driven by a 7% increase in GBP/USD, while emerging markets currencies such as USD/TRY and USD/MXN also fared strongly.

In contrast, $893.2 billion was traded across North America – 1% higher than in the corresponding period of 2015. On a six-month basis, however, it was a more positive story, with average daily volumes increasing by 10%.

In Asia, Tokyo secured second place internationally, with $1.217 billion traded on average every day – an increase of 5%. Singapore also increased daily volumes by a quarter to $506 billion, while Australian turnover also inched higher.

Each central bank published the data on their respective websites. The full data from the Bank of England can be found here.