October 2024 saw significant dollar strength and euro weakness, yet institutional forex trading volumes declined.
Despite increased market volatility due to upcoming US elections, trading activity hit multi-month lows.
Why the USD price is going down?
October was
one of the strongest months for the dollar (and weakest for the euro) in over a
year. Despite above-average volatility driven by the upcoming U.S. elections
and interest rate expectations, spot foreign exchange (Forex) volumes showed no
increased activity from institutional investors. In some cases, trading volumes
fell to nearly five-month lows.
Dollar-Dominated October
Failed to Boost FX Volumes
Click 365,
the currency trading platform on the Tokyo Financial Exchange (TFX), recorded
another month of declining trading volumes, shrinking 12% compared to September
to 1.7 million contracts. Year-over-year, the decline was almost 17.5%, with
average daily volume (ADV) at 74,200 contracts.
Source: Click 365
The
steepest month-over-month declines were seen in trading on the popular USD/JPY
pair, where depreciation reached 29.5%, with trading volume shrinking to
545,900 contracts.
ADV
depreciation was also visible in the U.S. market and spot currency trading on
the Cboe exchange. The indicator reached $42.8 billion, compared to $46.87
billion in September. However, October had two more trading days (23 vs. 21).
As a result, total volume was slightly higher at $984.9 billion, though these
are the lowest values since June, well below August's near-record $1.1 trillion.
For
FXSpotStream, October brought a notable slowdown. Total ADV was $93.1 billion,
the lowest since May 2024, with spot ADV at $66.8 billion, also the lowest in
nearly six months.
Source: FXSpotStream
Falling Euro Shows No
Impact on FX Activity
In Europe,
German stock exchange-owned 360T recorded another month of volume decline in
October, sliding to $657.7 billion from $661 billion reported a month earlier.
ADV consequently shrank to $28.6 billion, compared to $31.5 billion reported in
September.
As for
Euronext FX's Fastmatch, there was a slight rebound after a very weak
September. Total volumes bounced to $602 billion after falling to $579 billion
in the previous month. However, more trading days meant ADV performed worse,
sliding from $28 billion to $26.5 billion.
Compared to
last year's results, the values are significantly better. Euronext FX reported a total volume of just under $508 billion in October 2023, while 360T reported
$586 billion.
The EUR/USD
currency pair declined by 2.3% in October, marking its most significant drop
since September 2023. Concurrently, the U.S. dollar rebounded from multi-month
lows, experiencing one of its strongest rallies against a weighted basket of
currencies since September 2022.
October was
one of the strongest months for the dollar (and weakest for the euro) in over a
year. Despite above-average volatility driven by the upcoming U.S. elections
and interest rate expectations, spot foreign exchange (Forex) volumes showed no
increased activity from institutional investors. In some cases, trading volumes
fell to nearly five-month lows.
Dollar-Dominated October
Failed to Boost FX Volumes
Click 365,
the currency trading platform on the Tokyo Financial Exchange (TFX), recorded
another month of declining trading volumes, shrinking 12% compared to September
to 1.7 million contracts. Year-over-year, the decline was almost 17.5%, with
average daily volume (ADV) at 74,200 contracts.
Source: Click 365
The
steepest month-over-month declines were seen in trading on the popular USD/JPY
pair, where depreciation reached 29.5%, with trading volume shrinking to
545,900 contracts.
ADV
depreciation was also visible in the U.S. market and spot currency trading on
the Cboe exchange. The indicator reached $42.8 billion, compared to $46.87
billion in September. However, October had two more trading days (23 vs. 21).
As a result, total volume was slightly higher at $984.9 billion, though these
are the lowest values since June, well below August's near-record $1.1 trillion.
For
FXSpotStream, October brought a notable slowdown. Total ADV was $93.1 billion,
the lowest since May 2024, with spot ADV at $66.8 billion, also the lowest in
nearly six months.
Source: FXSpotStream
Falling Euro Shows No
Impact on FX Activity
In Europe,
German stock exchange-owned 360T recorded another month of volume decline in
October, sliding to $657.7 billion from $661 billion reported a month earlier.
ADV consequently shrank to $28.6 billion, compared to $31.5 billion reported in
September.
As for
Euronext FX's Fastmatch, there was a slight rebound after a very weak
September. Total volumes bounced to $602 billion after falling to $579 billion
in the previous month. However, more trading days meant ADV performed worse,
sliding from $28 billion to $26.5 billion.
Compared to
last year's results, the values are significantly better. Euronext FX reported a total volume of just under $508 billion in October 2023, while 360T reported
$586 billion.
The EUR/USD
currency pair declined by 2.3% in October, marking its most significant drop
since September 2023. Concurrently, the U.S. dollar rebounded from multi-month
lows, experiencing one of its strongest rallies against a weighted basket of
currencies since September 2022.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
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Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
