Saxo Bank Reports Slight MoM Recovery in FX Volumes in June

Since March, trading volumes have been declining, as volatility has been tapering off in the trading markets. However, there has been a resurgence in June, and Saxo Bank is one of the multiple trading providers to report a monthly uptick.

For the multi-asset broker, 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 provides the biggest contribution to its trading volumes. Throughout June, Saxo Bank posted a trading volume of $161.4 billion.

When measuring this against the previous month, which had a trading volume of $158.7 billion, June’s volume has increased by 1.7 per cent. Although this is higher on a monthly comparison, June’s FX volume is still significantly less than the $248.6 billion volume achieved in March. However, this was the best monthly volume achieved in years for the broker and not an average figure.

Taking a look at how volumes faired on a yearly scale, June of 2019 posted a monthly volume of $134.0 billion. Therefore, last month has achieved an annual growth of 20.4 per cent.

The monthly trading volume for equities in June was $127.0 billion. Behind March’s highs, this is the second strongest monthly volume recorded so far this year. When measured against May of 2020, June’s volume is higher by 27.6 per cent.

On a yearly comparison, the increase seen by Saxo Bank is even more pronounced. In particular, because June of 2019 posted a monthly volume of $58.8 billion, the equities trading volume noted in June of 2020 is stronger by around 116.0 per cent.

Commodities trading falls YoY on Saxo Bank

The commodities monthly volume in June came in at $26.8 billion for Saxo Bank This represents a rise of 21.3 per cent against the $22.1 billion volume reported in May. However, when taking a look at the monthly volume achieved in the same period of the previous year, commodities trading has actually fallen from 43.6 per cent.