Saxo Bank has reported a monthly recovery in its forex trading volume and the overall market demand for the month of July. According to the latest figures, the total monthly volume with forex instruments on the platform came in at $111.9 billion.
Though there was a gain of almost 5.5 percent in the FX trading volume when compared to the numbers of the previous month, it declined heavily from last year. In July 2020, Saxo reported a total FX monthly volume of $138.6, meaning the demand went down by more than 19 percent on a year-on-year basis.
The latest monthly average daily volume (ADV) stood at $5.1, recovering from the previous month’s $4.8 billion.
Saxo includes four markets in its monthly reporting of trading statistics: commodities, equities, fixed income and forex. Most of the activities on the brokerage platform happens on its equities and forex markets.
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Overall Demand Strengthens
Apart from forex, the equities market demand soared significantly last month: a total volume of $155.4 billion was reported for the period, climbing from the previous month’s $126.7 billion. July became one of the best months for Saxo’s equities offering with the peak remaining at $182.6 billion achieved in March 2020.
Additionally, Equities offering matured on Saxo over the last couple of years as the market is bringing even more trading volume than forex.
However, commodities and fixed income markets saw a decline in demand, bringing a total of $35.3 billion and $6.9 billion in monthly volumes, respectively. Meanwhile, the overall monthly volumes for July strengthened to $309.5 billion with an ADV of $14.1 billion.
Earlier, Saxo Markets announced that it is going to introduce trading with cryptocurrency derivatives as well, but the services will only be available to its clients in Australia and Hong Kong.