FX trading through Danish multi-asset brokerage Saxo Bank rose to $280 billion in June 2018 compared to previous year, as political events globally created volatility in foreign exchange markets.
Saxo Bank’s clients traded worth $13.3 billion daily in June, up 8.1 percent month-over-month compared with $12.3 billion in May 2018. Saxo’s FX ADV for last month was also higher year-over-year, correlating to an increase of 21 percent relative to $11 billion in June 2017.
Saxo Bank’s total monthly FX volume in June 2018 was reported at $280 billion, up 16 percent from $241 billion a year ago. However, this figure corresponds to a monthly drop of one percent compared to $283.4 billion in May 2018.
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The uptick in volumes defies the trend as trading activities tend to be trending lower in summer months as many investors stay away during holidays. However, market turmoil and the greenback appreciation earlier this year kept January as the best month for the investment bank that specializes in electronic trading.
Also, the increased volatility has not given Saxo extraordinary volumes in all products, with commodities, equity and fixed income lower month-over-month.
Overall, Saxo Bank’s average daily volume across all asset classes was mildly higher during June 2018, reported at $18.1 billion per day, up three percent month-over-month relative to $17.6 billion the month prior. It was also higher by 15 percent from a year ago.
We reported on the Danish broker last month when the high court of eastern Denmark (Østre Landsret), one of the country’s two high courts, ordered Saxo Bank A/S to pay out compensation exceeding $300,000 in the latest lawsuit stemming from the SNB’s Black Swan.