The Denmark-based FX broker, Saxo Bank, has announced today, Jan 6th, a couple of improvements in its offering as what the announcement calls a “response to developments in the global markets.”
The first improvement Saxo Bank has announced is a launch of two new currency crosses involving the Croatian Kuna and majors, the EUR/HRK and the USD/HRK. These additions to the broker’s FX trading platform are meant to particularly benefit Saxo Bank’s significant client base in Eastern and Central Europe.
Speaking with Forex Magnates, Saxo Bank’s Global Product Manager, Didier Abbato, said that the broker has a strong presence in Central and Eastern Europe and derives a significant amount of business from the region as a result. The firm has not set specific volume targets for the Kuna crosses Mr. Abbato said, but he added that these additions were driven by specific business requests from existing clients and partners implying that there is a demand in the market.
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The second improvement announced today is that from the 2nd of January, Saxo Bank has cut in half its spreads on USD/THB and now retail clients can trade this relatively more exotic currency pair on spreads of only 25 pips.
The broker explains this move as a response to the recent greater volatility in the Thailand Baht, a result of the political turbulence the country has been experiencing. Attracting East Asian traders, following the daily developments from Thailand, is the probable reason that Saxo Bank has taken the decision to increase its competitiveness on the USD/THB cross, and also for a recent launch of the XAU/THB cross. Gold speculation is a very popular trading instrument in normal times in Asia, and more so now as it is perceived as a safe haven in moments of crisis.
Mr. Abbato confirmed to Forex Magnates that the Bhat crosses requests and traded volumes come almost exclusively from the Asia-Pacific region.