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Average daily foreign exchange trading volumes in January totalled $1.772 trillion, little changed on a year earlier but up 11% from December levels as the threat of a coronavirus in China helped stimulate more trading, CLS said on Thursday. CLS, a major settler of trades in the foreign exchange market, said in a statement that January's volumes fell 1% from the same month in 2019, when volumes totalled $1.784 trillion. Spot turnover fell while swaps and forwards saw more activity.

January's trading volumes were up from $1.599 trillion reported in December. Both months have seen volatility in currency markets remain at or near record lows. "Major macroeconomic factors affecting the FX market in January 2020 included the global threat of Coronavirus, Brexit, a US-China Trade Deal and strengthening of the USD, supported by superior growth and bond yield in the US," said CLS's Head of Information Services, Masami Johnstone.

Copyright Reuters, 2020

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