Saxo Bank Reports MoM Decline in FX Volumes in July
- After reporting a surge in June, volumes have fallen for the multi-asset broker.
Multi-asset broker Saxo Bank has reported a slump in foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) trading volumes for the month of July, joining a list of trading providers to report a drop from the unexpected surge seen in June 2020.
Across the month of July, the Danish broker recorded a monthly forex volume of $138.6 billion. When measuring this against the previous month, which posted a total monthly volume of $161.4 billion, the volume in July shows a decrease of 14.1 per cent.
FX Volumes on Saxo Bank up YoY
As Finance Magnates reported, the Denmark-headquartered firm posted an unseasonal recovery in June. This was kept afloat by COVID-19 volatility. As a result, July’s volumes have fallen on a monthly scale. Though, it is still 10.5 per cent stronger than the $125.4 billion FX volume noted in July 2019.
The monthly trading volume for equities was $115.4 billion in July, with an average daily volume of $5.2 billion. This equals a drop of 9.1 per cent, down from $127.0 billion in July 2019.
Taking a look at commodities, the total monthly trading volume started at $48.6 billion in July, with a daily average of $2.2 billion. This is stronger than the volume achieved in the previous month by 81.3 per cent. On a yearly comparison, trading is up by 18.2 per cent.
However, fixed income trading has fallen against the previous month, deteriorating from $6.8 million in June 2020, down to $4.4 billion in July 2020. As a percentage, this translates to a decline of 35.3 per cent.
Saxo Bank’s performance in July is in line with a number of other brokers. They have all reported a decrease in monthly volumes in July from June, which provided a surge. As Finance Magnates reported, the Tokyo Financial Exchange (TFX) saw a fall in FX volumes, as did Cboe’s spot FX platform, among other trading providers.
Multi-asset broker Saxo Bank has reported a slump in foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) trading volumes for the month of July, joining a list of trading providers to report a drop from the unexpected surge seen in June 2020.
Across the month of July, the Danish broker recorded a monthly forex volume of $138.6 billion. When measuring this against the previous month, which posted a total monthly volume of $161.4 billion, the volume in July shows a decrease of 14.1 per cent.
FX Volumes on Saxo Bank up YoY
As Finance Magnates reported, the Denmark-headquartered firm posted an unseasonal recovery in June. This was kept afloat by COVID-19 volatility. As a result, July’s volumes have fallen on a monthly scale. Though, it is still 10.5 per cent stronger than the $125.4 billion FX volume noted in July 2019.
The monthly trading volume for equities was $115.4 billion in July, with an average daily volume of $5.2 billion. This equals a drop of 9.1 per cent, down from $127.0 billion in July 2019.
Taking a look at commodities, the total monthly trading volume started at $48.6 billion in July, with a daily average of $2.2 billion. This is stronger than the volume achieved in the previous month by 81.3 per cent. On a yearly comparison, trading is up by 18.2 per cent.
However, fixed income trading has fallen against the previous month, deteriorating from $6.8 million in June 2020, down to $4.4 billion in July 2020. As a percentage, this translates to a decline of 35.3 per cent.
Saxo Bank’s performance in July is in line with a number of other brokers. They have all reported a decrease in monthly volumes in July from June, which provided a surge. As Finance Magnates reported, the Tokyo Financial Exchange (TFX) saw a fall in FX volumes, as did Cboe’s spot FX platform, among other trading providers.