Data from CLS Group reinforces the message from the FX dealing platforms that May was a busy month in spot FX markets.
CLS says that average daily FX volume submitted to the mechanism was $1.779 trillion, up 0.8% from April and up 15.9% year-on-year.
Volume was highest in FX swaps at $1.188 trillion, a 4.1% decline from April but up 20.1% from May 2017. In outright forwards CLS handled $98 billion per day in May 2018, down 7.5% from April and also down 5.7% year-on-year.
The month-on-month decline in these products however, was more than matched by an increase in spot activity to $507 billion per day, up 16.9% from April and 11.7% higher than May 2017.
Collectively, the seven FX platforms to report ADV saw an increase of 11% in activity from April and a 20% increase from the previous May.