FX trading volumes at Alpari Russia have kicked off the new quarter with a rebound, reversing the three months which concluded the previous quarter with consecutive declines, in tandem with a slightly better FX volatility environment which is slowly rising as major currency pairs break out of medium-term ranges. The company’s announcement reveals July’s FX volumes rising by 9% over the month of June, which resulted in $97.2 billion.
This month the company will not be providing a detailed breakdown of its results by currency pair, however, with the information that the EUR/USD pair accounted for almost half of trading activity (48.9%) last month, the break out from yearly ranges should have benefitted it the most.
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As the geopolitical spat between the West and Russia intensifies, activity on the local foreign exchange market is likely to continue increasing. The results posted by Alpari Russia include trading in the whole region – Russia and CIS (Commonwealth of Independent States), including trading volumes from Ukraine, where we saw the local currency drop to its lowest level ever. Increasing worries by investors about the ability of the Ukrainian government to handle the escalating situation in Eastern Ukraine spells increased uncertainty in the coming months.