Foreign exchange trading volumes on inter-dealer broker ICAP’s platform for electronic FX EBS have declined materially in February, after declining volatility across major forieng exchange pairs led to subsiding activity across the board.

Daily trading volumes on EBS throughout the month of February totaled $94.1 billion, which is lower by 27 percent when compared to last month, yet remains higher than a year ago by about 13 percent.

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

Trading volumes on ICAP’s EBS platform have rebounded materially from the lows set in the first half of 2014. While for now the foreign exchange market remains active and relatively robust in terms of trading volumes, the scenario which materialized last year could still be repeated.

Trading ranges dominated the foreign exchange market in the second half of 2015 leading to materially lower volumes. The euro traded lower once more last month, however it traded between 1.12 and 1.15 for the most part of February.

Tight range trading ensued in Japanese yen pairs too, with major moves limited to the British pound, which rallied on expectations that a rate hike is being contemplated by the Bank of England before the end of 2015.