Saxo Bank has just announced its monthly trading volumes via its website. The company’s total trading volumes for the month of September amounted to $342.6 billion. The number is a notch lower than in August with the decline being confined to asset classes outside of FX.
Average daily trading volumes were 8 percent higher month-on-month and 13 percent higher year-on-year, at $16.3 billion per day. This is the third best month in terms of trading volumes for the Danish multi-asset brokerage this year.
FX trading volumes, which Saxo Bank reports separately, have come out stronger than in August. With a monthly total of $246.2 billion, the average daily volumes of $11.7 billion rose 9 percent when compared to August and 13.5 percent when compared to September 2016.
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Commodities and Equities Decline
Trading in commodities and equities declined last month for Saxo Bank. Both asset classes registered monthly declines of 10 and 11 percent respectively to mark a total of $34.2 billion and $50.8 billion.
Fixed income securities accounted for a total of $11.5 billion during the month for a 43 percent increase on a monthly basis. The figure was also 22 percent higher last month when compared to a year ago.
Trading during the month of September remained steady, in line with seasonal trends of growth in September when it comes to FX. Last month was notably active for majors traders as the USD first reached multi-month lows against major currencies, after which it staged a brisk rebound to finish the month higher.
The coming weeks will be marked by the start of the process of unwinding quantitative easing by the US Federal Reserve. Albeit at a very slow pace, the central bank will start unloading its portfolio of treasuries and mortgage-backed securities back into the market. As the Fed’s models are indicating that the process should be smooth, some market participants have expressed views that indicate a return to a more volatile market overall.