We aren’t back to the early days of 2013 when it was normal to see daily moves of a one percent or more in the Japanese yen, but the currency is definitely warming up again. Staying consistently above 100.00 for all of December, it has led speculation of further yen weakening and a possible move of the USDJPY towards 110.00. The renewed expectation has been a positive for brokers as yen volumes have appeared to have ended the year on the upswing.
Following yesterday’s monthly growth that was reported at the Tokyo Financial Exchange, its Click365 FX product, Japan, and the world’s largest retail forex broker by volume, GMO Click has reported its December volumes. During the month, volumes rose 10% from November to around $572 billion (¥59.21 trillion). The rise in trading broke a five month decline in volumes (in dollar denomination) that culminated in November’s 2013 low of $520 billion. Overall, while we may not see record volumes like those to start 2013, the increased speculation in the yen bodes well for 2014 to remain a robust year for Japanese brokers.
Did COVID-19 Save the Forex Industry?Go to article >>