Cboe Spot FX Volumes Fall in July, Ending Spike Seen in June

Trading in July was still stronger than May and April’s monthly spot FX volumes.

In the month of June, many trading providers reported a jump in trading volumes. With July now behind us, brokers are now revealing their metrics for last month. If the spot trading volumes published by Cboe are anything to go by, June’s trading volume surge was a one-off event.

So far in 2020, trading volumes have been higher on average particularly during February and March, as volatility driven by COVID-19 saw a spike in trading activity across the globe.

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Since the highs seen in March, when the spot trading volume surpassed $1.20 trillion for the month, trading volumes have been on a downward trend and are returning to more subdued figures. However, in June 2020, many trading providers recorded a spike in volumes. This was uncharacteristic for the month of June, which is usually a lacklustre month due to the summer period.

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Cboe Spot FX Volumes Fall 9% MoM

If Cboe’s spot monthly volume figures are anything to go by, it appears that June was a one-off event. During the seventh month of the year, Cboe reported a total spot monthly volume of $690.71 billion and an average daily volume of $30.03 billion.

The monthly volume achieved in July 2020 is lower than the previous month by 9.3 per cent. It is also worth noting that there was one extra trading day in July when compared to June (23 versus 22).

Although July’s trading volume is lower than what was achieved in June 2020, last month’s trading volume is the second strongest monthly volume realised since March 2020, coming in stronger than April and May.

Across the month of July, Cboe posted its strongest daily trading volume on the 31st July 2020, racking up a daily trading volume of $44.17 billion. On the 3rd July, the firm noted its weakest daily volume, coming in at $12.97 billion.

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