UPDATE 2-London forex trading turnover surges to record high - Reuters

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UPDATE 2-London forex trading turnover surges to record high - Reuters Posted: 23 Jul 2019 08:39 AM PDT * London FX daily average turnover rises 12% * North America FX trading volume falls sharply * Experts say rush to hedge portfolios boosts trading * Dollar/yuan volumes eclipse euro/sterling again (Adds N.Y. Fed's North American data in paragraphs 4, 5) By Olga Cotaga LONDON, July 23 (Reuters) - Britain's daily foreign exchange turnover rose to a record high in April, the Bank of England said on Tuesday, as investors concerned about central bank policy U-turns sought to protect their portfolios. The BoE's semi-annual survey, which showed daily average FX turnover in Britain jumped 12% to $2.86 trillion in the six months to April, underlined the rude health of London's foreign exchange industry despite worries about the impact of Britain's departure from the European Union. London's forex market, the world's biggest, is the crown jewel in Britain's financial services industry. On the other hand, currency trading volume in North America fell sharply in April, according to the New York Federal Reserve's own semi-annual survey. Average daily volume in North America was $810.9 billion in April, down 18.4% from a year earlier. The biggest contributors to the record volumes in London were a 23% jump in foreign exchange swaps to $1.46 trillion since October 2018 and an 18% rise in currency forwards. The surge in turnover came during a volatile period for financial markets as stocks sold off heavily in December, forcing the world's major central banks, led by the U.S. Fed, to make a U-turn in tightening policy. However, volatility has been stuck near multi-year lows as central banks appeared to turn dovish in tandem, removing the policy divergences that investors betting on forex markets like to see. UBS Wealth Management forex strategist Daniel Trum said U.S. interest rates were still among the highest in the developed world even as markets price in Fed interest rate cuts. The jump in turnover was "very likely due to hedging activity given the high interest rate differential with the U.S.," he said, pointing to U.S. investors in the UK and British investors in the United States as likely the most active. Uncertainty surrounding Britain's departure from the European Union had also supported volumes, Trum added. Volumes in spot and non-deliverable forwards were broadly stagnant over the six months, according to the BoE survey. Turnover in euro/dollar and sterling/dollar currency pairs rose by 18% and 16% respectively, posting a record average daily high. Dollar/Chinese yuan turnover increased by 6%, and trading in the currency pair again represented a larger market share than that of euro/sterling. The growth of offshore yuan trading, albeit from a low base, above euro/sterling volumes comes despite many participants using the single currency and pound to express their view on the Brexit negotiations. (Reporting by Olga Cotaga Additional report by Richard Leong in NEW YORK Editing by Tommy Wilkes, Jan Harvey and Paul Simao) Our Standards:The Thomson Reuters Trust Principles.

Student rakes in £100K through Forex trading - Yahoo News Posted: 31 Jul 2019 03:38 AM PDT A student has turned £200 into £100,000 by playing the money markets - to fund his studies to become a heart surgeon. Gurvin Singh, 20, said he has always wanted to be a doctor after frequent stints in hospital as a child but couldn't afford the £50,000 five-year course fees. He searched online for "money making ideas" and decided to turn his hand at the foreign exchange market. In a year he's turned his £200 savings into £100,000 by waging less than £20 a time on a currency rising or falling in value over another, and teaching others to do the same. Former high street retail worker Gurvin now plans to study a Bachelor of Medicine and Surgery at Plymouth University starting in September 2020. Gurvin, from east London, said: "It's been my dream to be a surgeon ever since I was a little kid. "I've always looked up to doctors and have always had an interest in the medical field. "My family have never had that sort of money and there was no way I could pay for the course myself. "My family are working class and I could never afford much as a kid. "I never thought I'd ever earn as much money as what I do now. I still can't believe it. "Once you know how to do it, it's not that hard. It feels amazing to know how much money I can make. "It takes a lot of patience to get good at it but if you do put the hours in it really is worth it." Gurvin is currently studying biomedical science at Plymouth University, and first looked into Forex trading as a way to fund his further studies just a few months into his course. The now second-year student worked out he needed around £50,000 - plus living expenses - to fund the five-year course, without taking out loans. The savvy student searched online for "money making ideas" and aged 19, signed up to a six-month online training course in January 2018. He set up a 'demo' trading account where he could afford to make cost-free mistakes. Gurvin said: "It took six months for me to learn what it is and how to do it. It comes down to patience and trial and error. "I didn't have enough confidence to put any money into for a while. The learning process takes a long time. "It taught me how to notice certain indicators in the markets and when the best time to invest is." He opened his real trading account in July 2018, and capitalises on changes in values between currencies and when he should 'gamble' his hard-earned cash. In simple terms, Gurvin bets up to £20 on currencies to either rise and fall in value over another. When he buys his chosen base currency, he wants it to rise in value over another. When it does, the difference in the shift in value is translated to pounds - giving him a profit. So for example, earlier this month when he bet £2 the Euro would increase in value over the US Dollar, it did, from 1.60597 to 1.60717. This means Gurvin was rewarded with £134 after he sold his shares for more than they were worth when he bought them. Gurvin said: "I started with just £200. "It was very slow. I was only making very small profits each time. I turned £200 into £1,000 within a couple of months and it just went on from there." In October last year he started offering lessons online and he's made roughly £40,000 from his own trading, and £60,000 by teaching others. Gurvin admits he did become distracted and has so far spent £70,000 on designer clothes and cars - including a £30,000 Maserati Ghibli and a £13,000 BMW six series. He only learnt to drive in October last year and splashed £5,000 on an Audi A1 as his first car, which he has since sold. His wardrobe is full of the likes of Louis Vuitton shoes and Gucci clothes. But he has tucked away £30,000 in his growing savings pot, to pay for his medical training. He reckons by the time he stars his course in September 2020, he'll have more than enough to pay for his course and living costs. Gurvin, who said he earned £23,000 last month, said: "The course will pay for itself because I earn so much. "I have found something that will help me achieve my dream. "I don't need to stress about how I will be able to afford it now. "I wanted to do everything I could to make a career for myself. "I have suffered with asthma my whole life and have always been in and out of hospital. Doctors became my role models. "I have been inspired by doctors and am fascinated by heart surgery. "I want to be able to save lives. I want to make a difference." Gurvin plans to start his Bachelor of Medicine and Surgery degree after he finishes his current degree. He has met the grade requirements for the course, but still must be interviewed by course leaders before his place can be confirmed.

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