easyMarkets Registers Strong Q3 Trading Volume, USDJPY Jumps 98%

Wednesday, 06/11/2024 | 19:32 GMT by Jared Kirui
  • The surge in trading volume was driven by shifts in global markets, which sparked increased demand from traders.
  • In the crypto space, Bitcoin experienced significant fluctuations, increasing by 37%.
forex

easyMarkets posted strong trading volumes for some of its key financial instruments in the third quarter. Among the standout performers were the USDJPY currency pair and NASDAQ's tech-heavy index. According to the forex trading broker, both indices posted a significant boost as the global market shifted, sparking strong demand from traders.

Bank of Japan's Rate Hike

Notably, easyMarkets highlighted the surge in trading volume for the USDJPY currency pair in Q3, with an impressive 98% increase compared to the previous quarter. This jump was reportedly driven by increased client interest in Yen pairs, particularly following the Bank of Japan's decision to raise interest rates for the first time in 17 years.

The move, which resulted in a 14% appreciation of the Yen, came after the Japanese government intervened earlier in the summer to prevent further currency devaluation. The Bank of Japan's unexpected decision to hike rates by 0.15% in early August created a strong response from traders who capitalized on the subsequent volatility.

easyMarkets clients adjusted their strategies to support trading activities. While the USDJPY dominated currency markets, easyMarkets also experienced a 25.3% increase in trading volumes for the NDQUSD instrument.

NASDAQ's Continued Growth

This surge is part of a broader market trend, where the NASDAQ index continues to attract traders looking to capitalize on the tech sector's performance. By focusing on the sector as a whole, traders on easyMarkets have been able to benefit from broader industry trends, which helped drive continued interest and robust volumes throughout the quarter.

Bitcoin also experienced significant fluctuations during Q3 2024, which contributed to increased trading activity on easyMarkets. After dipping to $48,000 in early August, Bitcoin made a strong recovery, rallying to $66,000 by the end of September.

This 37% increase in value created a dynamic trading environment, attracting clients who were looking to capitalize on Bitcoin's volatility. The substantial price movement and the ever-present interest in cryptocurrencies made Bitcoin a focal point for many traders, driving up volumes.

Interest rate adjustments by central banks around the world also significantly impacted global market sentiment in Q3. As the US Federal Reserve and other central banks navigated their own monetary policies, clients were quick to adjust their strategies across various markets.

easyMarkets posted strong trading volumes for some of its key financial instruments in the third quarter. Among the standout performers were the USDJPY currency pair and NASDAQ's tech-heavy index. According to the forex trading broker, both indices posted a significant boost as the global market shifted, sparking strong demand from traders.

Bank of Japan's Rate Hike

Notably, easyMarkets highlighted the surge in trading volume for the USDJPY currency pair in Q3, with an impressive 98% increase compared to the previous quarter. This jump was reportedly driven by increased client interest in Yen pairs, particularly following the Bank of Japan's decision to raise interest rates for the first time in 17 years.

The move, which resulted in a 14% appreciation of the Yen, came after the Japanese government intervened earlier in the summer to prevent further currency devaluation. The Bank of Japan's unexpected decision to hike rates by 0.15% in early August created a strong response from traders who capitalized on the subsequent volatility.

easyMarkets clients adjusted their strategies to support trading activities. While the USDJPY dominated currency markets, easyMarkets also experienced a 25.3% increase in trading volumes for the NDQUSD instrument.

NASDAQ's Continued Growth

This surge is part of a broader market trend, where the NASDAQ index continues to attract traders looking to capitalize on the tech sector's performance. By focusing on the sector as a whole, traders on easyMarkets have been able to benefit from broader industry trends, which helped drive continued interest and robust volumes throughout the quarter.

Bitcoin also experienced significant fluctuations during Q3 2024, which contributed to increased trading activity on easyMarkets. After dipping to $48,000 in early August, Bitcoin made a strong recovery, rallying to $66,000 by the end of September.

This 37% increase in value created a dynamic trading environment, attracting clients who were looking to capitalize on Bitcoin's volatility. The substantial price movement and the ever-present interest in cryptocurrencies made Bitcoin a focal point for many traders, driving up volumes.

Interest rate adjustments by central banks around the world also significantly impacted global market sentiment in Q3. As the US Federal Reserve and other central banks navigated their own monetary policies, clients were quick to adjust their strategies across various markets.

About the Author: Jared Kirui
Jared Kirui
  • 1476 Articles
  • 21 Followers
About the Author: Jared Kirui
Jared is an experienced financial journalist passionate about all things forex and CFDs.
  • 1476 Articles
  • 21 Followers

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