BIS probes ‘exceptional’ FX activity around April shock
Triennial survey would likely have shown less dramatic shift without tariffs, economists find
Activity in foreign exchange markets was “exceptional” during April, economists at the Bank for International Settlements have found.
On April 2, US president Donald Trump imposed sweeping tariffs that triggered a sharp reaction in financial markets. April was also the month when the BIS carried out its triennial survey of foreign exchange and derivatives turnover, finding a 27% surge in FX turnover relative to the 2022 survey.
BIS economists Wenqian Huang, Ingomar Krohn and Vladyslav Sushko
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