LONDON (Reuters) – Daily global currency trading volumes in May fell 8.5% versus the same month last year, totalling $1.483 trillion, CLS data showed on Monday.

CLS, a major settler of trades in the foreign exchange market, said in a statement that the average daily traded volume of currencies submitted to it fell to $1.483 trillion in May from $1.620 trillion last year.

The drop in volumes comes after a big jump in turnover on trading platforms in March as the coronavirus pandemic slammed financial markets, fuelling a sharp surge in market volatility.

On a monthly basis, average daily turnover posted a milder drop of 4.3%.

(Reporting by Saikat Chatterjee; Editing by Karin Strohecker)