Louie DouvisĪustralia is a major participant in the forex market, not only because it is the first major trading hub to open in the virtually 24/7 market (the only time that the FX markets are dormant is a five-hour period on London's Sunday, between midnight Sunday and 5am Monday in Australian standard time.) The Australian dollar is the fifth-most traded currency, behind the US dollar (involved in about 90 per cent of volume), the euro, Japanese yen and British pound. To put that figure in context, it is 20 times the trading value of the US stock market.įX market turnover is down from the record $US5.36 trillion ($5.17 trillion) traded in April 2013 – but a huge increase on the $US1.93 trillion ($2.5 trillion) that was traded daily back in 2004.įorex exchange is the largest market, trading in trillions every day. This content is produced by The Australian Financial Review in commercial partnership with IG.Īs markets go, the foreign exchange (forex) market is a behemoth: it trades about $US5.1 trillion ($7 billion) worth of currency a day.
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