Tokyo based Monex Group Inc. has reported its July global FX volumes in its monthly disclosure statement. Currency trading figures are lower by 8% when compared to the previous month of June, coming out at $29.0 billion and marking a sixth consecutive month of declines. The numbers are hardly a surprise considering benign trading during the month of July as the Japanese yen trading has stagnated further.
The trading range in the most active pair on the local market – the USD/JPY, has been about 180 pips during the month. This has led to an even steeper decline in the volume figures of Monex Inc. – their OTC FX business was down by 18% to ¥53,8 billion ($524.6 million) per day. As the summer months progress, the likelihood of a material pick up before the month of September is slim. Rising geopolitical pressures are so far spreading mainly to the stock market leaving FX in a tough spot.
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