Below is the commentary on the Foreign Exchange (FX) market with data for the week-ended September 16, 2022. The table following the commentary compares weekly turnover for trades between banks (FMDQ Dealing Member (Banks) [DMBs]/Authorised Dealers) and their clients for the weeks-ended September 9 & 16, 2022.

• In the FX Spot and Derivatives markets, the total turnover for the week-ended September 16, 2022, was $503.94 million, representing a decrease of 21.17% ($135.30 million) from $639.24 million reported for the week-ended September 9, 2022. The week-on-week (WoW) decrease in total turnover was driven by the 62.74% ($188.56 million) decrease in FX Derivatives turnover despite the 15.72% ($53.26 million) increase in FX Spot turnover. (See Table 1 below)
• The WoW decrease in FX Derivatives turnover was solely driven by the 68.96% ($200.23 million) decrease in FX Futures turnover, despite the 114.75% ($11.67 million) increase in FX Forwards turnover
• In the FX Spot market, the total value of transactions for the week-ended September 16, 2022, was $391.96 million, representing an increase of 15.72% ($53.26 million) from the value of transactions executed in the week-ended September 9, 2022 ($338.70 million)

   Table 1: Weekly FX Turnover Analysis    

• In the FX Futures market, $90.14 million worth of FX Futures contracts were traded in ten (10) deals, representing a WoW decrease of 68.96% ($200.24 million) when compared to the $290.37 million FX Futures contracts traded in fifty-one (51) deals recorded in the week-ended September 9, 2022 

   Table 2: Weekly FX Rate Analysis