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Anzo Lim

US Dollar, London Increase Currency Market Dominance

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The US Dollar’s complete dominance of the global financial system shines out from a new survey of activity from the Bank of International Settlements. Despite US-China trade war, ballooning deficits and, lets be honest, the most divisive presidency in living memory, the greenback is still on one side of fully 88% of all foreign exchange trades, the BIS said. This stark fact also underlines the importance of the Federal Reserve and its monetary policy way beyond US shores.

 

The Dollar was not the only example of dominance in the survey. The UK may be wrestling with Brexit but London has tightened its grip on the enormous foreign exchange market where its by far the leading single center. The UK capital has increased its overall marked share by six percentage points in the last three years, giving it 43% of the market. The UK also reclaimed its position as the main global hub for trading in interest-rate swaps and over-the counter derivatives. London, New York, Singapore, Tokyo and Hong Kong together control 79% of the foreign exchange market.

 

#USD #UK #ForeignExchange #WikiFX

Edited by Anzo Lim
 

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