HOSPITALITY
By admin • Dec 29th, 2008CURRENCIES
EUR/USD forex trade
increase by 70 percent
DUBAI – Middle East foreign currency traders increased significantly their trading in the Euro/US Dollar currency pair during the third quarter of 2008, a report from dbFX, the online foreign exchange (FX) trading platform from Deutsche Bank, has revealed. The Euro/US Dollar currency pair accounted for 58 percent of all currency volume traded through dbFX in the Middle East during that period. This represents a 70 percent rise in trading volumes for the Euro/US Dollar currency pair, compared with trading volumes in the second quarter of 2008. In the wake of the global financial crisis, the Euro/US Dollar saw exceptionally large volumes as traders looked to take advantage of the volatility. Middle East FX traders’ second most popular currency pair during the third quarter was the sterling/US dollar, accounting for 15.5 percent of all regional volumes, while the sterling/Japanese Yen currency pair placed third. “The latest volume figures indicate that our Middle Eastern clients are attracted to currency pairs which offer tight spreads, as these offer the best trading strategy prospects, Betsy Waters, the global director of dbFX for Deutsche Bank said. The daily turnover of the world’s currency markets is around $3.2 trillion, compared to $500 billion for the US government bond market and $156 billion for NYSE Euronext.
