ECN FX brokerage IC Markets has reported its trading volumes for the month ending July 2017. In what was typically billed as a slow month, the latest figures reflected an all time high in volumes at IC Markets, spurred by a plunge in the USD.
July featured multiple factors that helped drive currency markets. The most notable was a hit to the USD, which fell against most majors. Political turmoil facing the Trump administration continues to affect the USD, a phenomenon that is unlikely to abate anytime soon. Elsewhere, central banks continue to attract focus, dictating euro moves, among other activities.
In particular, IC Markets recorded a volume of $313.0 billion in July 2017, an all-time high at the brokerage. The fall of the USD during July has been a primary driver for volumes not just at IC Markets but other retail exchanges as well.
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Additionally, IC Markets saw an average daily volume of $14.9 billion per day during 21 trading days in July 2017. This also included a daily record of $21.0 billion on July 21, 2017 with the USD under siege – over 41.0 percent higher than its monthly average. During July, the most actively traded currency pairs were the EUR/USD, GBP/USD, and USD/JPY. XAU/USD was also heavily traded as the yellow metal experienced heavy price action with the USD in a state of flux.
Extending the snapshot to Q2 2017, IC Markets reported an average monthly volume of $236.0 billion. By the numbers, July not only constitutes a new record for the brokerage but is a full 32.6 percent higher than its quarterly average. July 2017 also marks the first time IC Markets has broken $300.0 billion in trading volumes, a milestone for the group.
Andrew Budzinski, IC Markets’ Managing Director, commented on the volumes: “Reaching over 300 billion USD in volume is a remarkable milestone. We expect these numbers to continue to grow in the coming months as we focus on client acquisition and retention.”
Moving forward, all eyes will be on the US and the Trump administration to quell the internal dissent and scandals that have plagued the White House during the first half of 2017. Moreover, with central bankers committing to tightening monetary conditions, the USD could remain on the move with the USD index reflecting a key trigger for trading volumes in H2.