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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: John Pitera who wrote (7618)	3/2/2007 7:14:15 PM
From: John Pitera	Respond to of 33421

Record Volume in Currency Market -- EBS reports record FX trading volume on Thurs Friday, March 02, 2007 3:14:33 AM (GMT-06:00) Provided by: Reuters News LONDON, March 2 (Reuters) - Electronic foreign exchange trading service EBS posted its record daily trading volume of $268 billion on Thursday, breaking the previous historic high which was set only a few days ago, its owner ICAP <IAP.L> said. The busiest minute for trading activity on the system was recorded at 1500 GMT when 1,361 spot FX deals were completed by 220 counterparties, to a value of $2.5 billion. At that time, the Institute of Supply Management published its manufacturing index showing unexpected strength in U.S. factory activity in February. "Trading activity was high across a range of currencies including the U.S. dollar, euro, yen and Swiss franc currency pairs," interbroker dealer ICAP, which acquired EBS in 2006, said in a statement. The yen hit a 2007 high against the dollar on Thursday, on track for its biggest weekly gain since December 2005 as a surge in risk aversion triggered a broad-based unwinding of yen-financed carry trades. Stock markets around the world suffered sharp losses this week, with Wall Street posting its worst slide since Sept. 11, 2001 attacks on the United States on Tuesday. Thursday's record volume on EBS, which captures spot volumes in the $2 billion-plus-a-day FX market, compares with the average volume of $145 billion. EBS is one of the largest trading platforms in the wholesale interbank FX market, along with its rival Reuters <RTR.L>. ((Reporting by Natsuko Waki, natsuko.waki@reuters.com ++44 207 542 6721;