Is the Forex Market Slowing?

The Foreign Exchange Joint Standing Committee has just released the results of it's semi-annual FX Turnover Survey, which was conducted in April 2009.

If you're interested in seeing a copy of the report you'll find it here: http://www.bankofengland.co.uk/markets/forex/fxjsc/fxturnresults090727.pdf

• Average daily reported ‘traditional’UK foreign exchange turnover was $1,269 billion in April 2009, a fall of 19%.
  
  
• Average daily reported UK turnover in other OTC foreign exchange instruments was $87 billion in April 2009, a fall of 31%.
• Combined average daily turnover in April 2009 was $1,356 billion, 20% lower than in October 2008 and 25% lower than a year earlier.
• The decline in reported turnover was largely accounted for by a 28% fall in spot fx.

Check out the report for all the details.

Or, for a quick overview of what all this means,  see this blog entry by Kathy Lien, Director of Currency Research at FX360.com and GFT, and author of one of my favorite forex books,  Day Trading the Currency Market: Technical and Fundamental Strategies To Profit from Market Swings (Wiley Trading)