After a sharp rise in trading volumes in September, Alpari UK has reported that trading volumes have increased to $221 billion marking another 2% rise, stabilizing the company’s position after dismal numbers throughout the first half of the year. While many brokerages throughout the industry registered bigger increases during the month, Alpari UK’s position has remained solid.
The firm relaunched its cash-back promotion in the middle of the month aiming to further drive volumes, however, it is unlikely to result in a sustained rise in trading volumes as it ends in the beginning of December.
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Alpari’s Global Head of Marketing, Hannah Hill, commented: “We are once again very pleased to report a month-on-month improvement in trading volumes, as we continue to drive precious metals on the back of globally-significant events. In addition, our FX trading cashback promotion helps to boost Market account open rates and deposit increases, particularly across Southeast Asia and the Middle East.”
While gold prices have hit a new multiyear low, extended lows did not last long as a new set of buyers emerged to push gold prices back above $1200.
Meanwhile foreign exchange volatility persisting throughout the month of November and likely into next year, there is scope for trading volumes to remain on the high note into the end of the year.