Thomson Reuters has just released the total average daily volume (ADV) of foreign exchange trading across both Thomson Reuters platforms FXall and Thomson Reuters Matching. During the month of January, the total amount of foreign exchange contracts traded was $398 billion.

The figure is higher by 7% when compared to last year and by about 14% when compared to December 2014.

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Average daily volume for spot trading in January was $135 billion, which is higher by 27% when compared to the seasonally weak month of December and flat year-on-year.

The figures include spot, forwards, swaps, options and non-deliverable forwards (NDFs).

“This was a strong start to 2015,” said Phil Weisberg, global head of FX, Thomson Reuters. “Volatility was comparatively high in the market, due principally to eurozone fears, and volumes were healthy as asset managers were assembling their hedging and investing strategies for the year.

This year we are expanding the services we offer to our customers and integrating our current platforms to provide users with even greater insight into the markets as well as greater abilities to act on these insights. We look forward to announcing some exciting innovations for our customers throughout the rest of 2015.”

Massive volatility on the foreign exchange market has led to dramatic shifts across major currencies. With the European Central Bank launching a quantitative easing program and the Swiss National Bank abandoning its peg, the extent to which major currencies move in the months ahead is going to depend mostly on whether or not the US Fed manages to raise interest rates.