Americans’ interest in Forex grows 132% YOY, an all-time high since 2004

Data acquired by Finbold.com shows that Americans’ interest in Forex hit an all-time high after growing by 132.55% between May last year and May 2020. This is the highest growth of all time since 2004.

Coronavirus sparks increase in Forex searches

According to the data, interest in Forex hit the peak with a popularity score of 100 in May this year. During a similar period last year, the score stood at 43. The spike in searches was notable from January this year. Between January and May 2020, the interest grew by 72.41% during the first five months of this year. January and February recorded a popularity score of 56 and 57 respectively before rising to 74 in March, and 88 by April.

Between May and December last year, the popularity score remained relatively consistent with an average of 52. From 2004, another notable spike was recorded in October 2008 when the search popularity score was 89. A month later the search experienced a slight drop of 13% before gradually rising again to 88 in February 2009. From this peak, the American interest in Forex dropped gradually to hit the low of 2013 before rising again.

The rise in Forex searches correlates with a period when the US was hard hit with the virus. According to the Finbold.com research report:

“In the middle of the pandemic, the US dollar benefitted from the risk-on atmosphere in the currency market. However, no guarantees exist to maintain this position indefinitely. In this situation, it is assumed that most Americans wanted to take advantage or were looking for alternative forms of income since a majority had been rendered jobless.”

The Finbold.com data also overviewed states that had the highest volume of Forex searches in the US. During the period under review, Florida occupied the top spot with a popularity score of 100, followed by New York at 90 with Hawaii coming third at 83. New Jersey occupies the fourth spot with a score of 82 while Nevada closes the fifth place with a popularity score of 81.

In the sixth spot, there is Georgia with a popularity score of 76, followed by Virginia at 74 while Utah occupies the eight spot with Google search popularity score of 72. On the other hand, Texas comes ninth with a score of 71 popularity while California closes the tenth spot with a Google search popularity score of 69.

The full story with charts can be found here: https://finbold.com/americans-interest-in-forex-grows-132-yoy-all-time-high-since-2004/