Australian CFD and FX provider First Prudential Markets, known as FP Markets, today announced a solid volume of trades for the first quarter of 2016, revealing double digit growth on its FX volume.
Commenting on the positive results, Daniel Bent, Head of FX at FP Markets, said: “The first quarter has been very good and positive for us in terms of trading volume and value. In February alone, we saw about 60 per cent increase in funded accounts on a year-on-year basis.”
The growth in FX trading volume came amid volatility in global currency markets. Central bankers including the Bank of Japan and the European Central Bank have resorted to negative interest rates in their efforts to weaken their respective currencies and to stimulate growth while the US Federal Reserve has also signaled that it may hold on to a lower interest rate this year.
Bent believes that traders have consequently taken advantage of these high impact, market-moving events while noting that the EUR/USD and the AUD/USD pairs remain the favourite and most heavily traded currencies among FP Markets traders.
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Looking ahead, Bent expects to see monetary policy playing a major role in the global FX market, while domestically, there could also be heavy trading on the Australian dollar due to the fluctuations in oil and other commodities.
FP Markets, a Sydney-based investment company, offers over-the-counter (OTC) and exchange traded derivative products including direct market access (DMA), CFDs, forex, shares and global futures contracts to both a retail and professional client base.
The latest earnings announcement follows last month’s appointment of two key sales and management team members in response to FP Markets’ growth plans involving an expansion into the FX market.