High volatility sparks surge in FX trading
On June 8, EBS, the spot FX broking platform of interdealer broker Icap, recorded volumes of $253 billion traded. Icap said the volatility was caused by interest rate rises and related increasing bond yields.
On June 7, the Reserve Bank of New Zealand raised interest rates to 8%, a day after the European Central Bank had raised its rates to 4% and US 10-year Treasury yields rose by 17 basis points, the biggest one-day gain since 2004.
Meanwhile, the Chicago Mercantile Exchange (CME) saw record
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