Danish multi asset broker Saxo Bank has reported its final year-ending FX volumes for the December 2016, which incurred a sizable MoM decline following a seasonal slowdown of volatility and a dearth of other market drivers.
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In reality, any consecutive monthly climb in FX volumes during December was ill fated, given that the month prior featured one of the most volatile trading periods of the year. November saw the passage of the US election that triggered an enormous bout of volatility for worldwide markets, something that December notably lacked.
Fast forward to December 2016, and Saxo Bank’s average daily volumes (ADV) and foreign exchange turnover was trending lower, coming in at $11.5 billion, down -26.3% from $15.6 billion in November 2016. Over a yearly basis however, the latest figures were higher by a margin of 17.6% YoY from $9.8 billion in December 2015. Taken over the entire year however, Saxo Bank’s total volume climbed higher in 2016 by 17.5% from 2015.
Looking at its total volume in December 2016, Saxo Bank underwent a decline in this metric MoM to $253 billion, down -26.5% MoM from $344.0 billion in November 2016. Finally, Saxo Bank’s client collateral deposits managed to reverse a monthly pullback, instead rising tepidly in December 2016, up to $13.08 billion from $12.95 billion, or 1.0% MoM.