Danish multi-asset brokerage Saxo Bank has just published its trading volumes numbers for the month of August. Clients of the firm transacted a total of $221 billion in volumes last month with the number marking the lowest level since November 2015.

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Trading volumes in August have declined across the industry, showing the waning of the effect of the Brexit vote at the end of June, that boosted a typically slow summer season in July. Saxo Bank’s nominal trading volume in August declined by about 16.6 per cent when compared to the previous month, but was about flat when compared to last year.

Looking at the average daily figures, the numbers dropped by 23.8 per cent to $9.6 billion daily. The number was also lower by 8.5 per cent when compared to August 2015.

The seasonal declines observed in August across retail brokerages are not a surprise given the anxiety of the market into the Federal Reserve’s September meeting, which is still a ‘live meeting’ despite the modest increase in new jobs which was reported last Friday. The companies in the industry are looking for the summer lull to end for the monthly volumes numbers to return to normality.

September could prove to be a stronger month for brokers across the industry with Barclays maintaining its call for a rate hike in the aftermath of the relatively subdued employment report.

Analysts from the London headquartered bank stated: “Most FOMC members will view this report as consistent with solid economic activity and will believe that that activity will continue to pull inflation upward toward their target.”