Saxo Bank Sees 14.4% Dip in October FX Demand

The brokerage’s demands went down the last month after recovery in September.

The Saxo Bank Group has published its monthly trading activities data for October, showing declining demands across all the markets for which it is offering services.

The total trading volume for the month went down to $254.2 billion, a monthly decline of 16.3 percent from the previous month’s $303.8 billion. The daily average volume for the month went down from $13.8 billion to $11.6 billion.

The FX volumes for last month came in at $114.3 billion, compared to September’s $133.6 billion. That was a month-on-month decline of 14.4 percent. The demand remained poor on a year-on-year basis as in October last year since FX trading volumes stood at $141.2 billion.

The demand for equities on Saxo further slumped significantly in October with only $104.5 billion in assets changing hands, declining 15.7 percent month-on-month. The trading volume with commodities and fixed income instruments also decreased by 23.7 percent and 17.5 percent, respectively. In absolute numbers, October’s volume for commodities came it at $30.8 billion and fixed income at $4.7 billion.

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The demand in trading slumped in October following a recovery in the previous month. In September, Saxo Bank reported a total trading volume of $303.8, up from August’s $279.4 billion. It is to be noted that the trading market cycle saw a decline in August due to the summer holidays.

Saxo’s volumes for October is only behind the brokerage’s reported volumes in January this year. It saw a windfall gain in March due to the Coronavirus induced volatility, but could not hold the surged numbers.

As Finance Magnates reported earlier, the Danish brokerage reported a record performance in the first half of 2020 with a net profit of $84.39 million.

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