The CME Group has reported its April trading volume figures. During the month, average daily volumes (ADV) of combined FX futures and options were 838,000 contracts. The figures were 23% below March’s trading activity, but 50% above the same period in 2014 when overall FX industry volumes had contracted. On a dollar notional value, ADV of FX products were $86 billion. The 23% decline underperformed a 10% decrease in month over month trading volumes experienced by spot FX trading venue, HotspotFX.
The drop in FX activity during April occurred as the US dollar experienced a slight reversal of its momentum against other currencies. After the Dollar Index reached a multi-year high of 100.39 in March, it has since pulled back to around 95.00, which appears to have decreased trader speculation taking place on dollar’s future direction.
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Overall at the CME Group, total ADV of futures and options contracts was 11.45 million, a decline of 16.5% from March and 6% below the same period in 2014. The month over month decline was experienced across all of the CME Group product types except for Agricultural contracts, where trading volumes grew 16.7%. Among individual sectors, Equities were the hardest hit, declining 26.2% from March, followed by a 23% and 20.7% fall in activity in FX and Interest Rate products respectively.