Foreign Exchange Volume Withered In January War, Ranges, Industry-Wide Contraction Cited
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January is the cruelest month, or at least this January was, foreign exchange traders say. As some expected (FX Week, January 18), foreign exchange volume withered in the first month of the new year and trading revenues probably did much the same, market participants say. They cited a number of factors for the slowdown, chief among them: the Gulf War, which sent many participants to the sidelines.
"I'd say that [volume] for the majority of the month has been really light, both interbank and
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