After a pretty sluggish start to the year and a particularly weak performance in July, Saxo Bank has managed to post a recovery and achieve its best overall monthly trading volume during the month of August.
The total monthly volume for August was $282.9 billion, with an average daily volume of $12.9 billion. This is the highest monthly value reported so far this year, with May achieving the second highest monthly volume of $273 billion.
When measuring this against the previous month, which recorded a monthly volume of $224 billion, August’s figure has increased by 26.3 percent. The monthly turnover achieved in August is also ever so slightly higher on a year-on-year comparison, as August of 2018 had a monthly turnover of $282.7 billion.
Breaking this total volume down, the monthly volume for foreign exchange (forex) for Saxo Bank was $139.1 billion in August. FX trading brings in the largest volumes for the multi-asset broker, far surpassing the other assets.
FBS To Celebrate 11th Anniversary with A Massive GiveawayGo to article >>
When weighing this against July, which had a monthly volume of $125.4 billion, it is higher by 10.9 percent. However, when comparing this against the monthly volume reported in August of 2018 ($196.4 billion), last month’s figure is lower by 29.2 percent. The daily average FX volume for August 2019 was $6.3 billion.
Saxo Bank sees significant MoM uptick in FI volume
The monthly trading volume for fixed income increased significantly in August from the previous month. Specifically, the monthly volume increased by 95.5 percent from $6.7 billion in July to $13.1 billion in August.
In August, Saxo Bank posted a monthly volume of $87.4 billion for equities, which is higher by 72 percent month on month. The daily average volume also rose by 81.8 percent to reach $4 billion during the month.
The monthly volume for commodities also increased when measured against July, however, not by much. In fact, with its volume coming in at $43.3 billion in August, this is only up by 5.4 percent month-on-month.