Business | Investment
EURO-US dollar currency pair records biggest increase in forex trade in ME
Middle Eastern foreign currency traders significantly increased their trading in the Euro/US dollar currency pair during the third quarter of 2008, according to the latest figures from dbFX, the online FX trading platform from Deutsche Bank, a global investment bank.
- Staff Report
- Published: 16:45 November 12, 2008
Dubai: Middle Eastern foreign currency traders significantly increased their trading in the Euro/US dollar currency pair during the third quarter of 2008, according to the latest figures from dbFX, the online FX trading platform from Deutsche Bank, a global investment bank.
The Euro/US dollar currency pair accounted for 58 per cent of all currency volume traded through dbFX in the Middle East during the third quarter of 2008. This represents a 70 per cent increase in trading volumes for the Euro/US Dollar currency pair when compared to trading volumes in the second quarter of 2008.
The Euro/US dollar was the most traded currency pair across all regions for dbFX during the third quarter of 2008. With the global financial crisis unfolding in the US and European markets during the third quarter, the Euro/US dollar saw exceptionally large volumes as traders looked to take advantage of the volatility in these markets.
Middle Eastern FX traders' second most popular currency pair during the third quarter of 2008 was the Sterling/US dollar, accounting for 15.5 per cent of all regional volumes. The Sterling/Japanese yen currency pair was third placed during the third quarter for the Middle East, with just over 9.5 per cent of all volumes.
The daily turnover of the world's currency markets is around $3.2 trillion a day, compared to $500 billion for the US government bond market and $156 billion for NYSE Euronext. This means investors are able to trade in an asset class with a large liquid market. FX markets are open 24 hours a day, 7 days a week, giving investors consistent access to the market.
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