TFX Reports Strong FX Volumes in June, Higher 17.2% MoM

Is this a sign that FX volumes have rebounded in June?

It appears that there has been a recovery in foreign exchange (forex) volumes for the month of June, that is, if the trading volumes published today by the Tokyo Financial Exchange (TFX) is anything to go by.

In particular, TFX has reported an uptick in the number of FX Daily Futures contracts traded during June. With a total of 2,681,741 contracts traded and an average daily traded volume of 121,897 contracts, June’s monthly volume is 17.2 percent stronger than the volumes recorded in the previous month.

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Not only is June’s trading volume higher than May’s trading volume of 2,288,868 contracts for FX Futures, but last month’s volume has also increased on a yearly comparison, rising by 63.1 percent.

Although TFX has reported a rebound in FX trading compared to May, June’s trading volume is still much lower than the 6,442,605 FX Daily Futures contracts traded in March, when volatility was at its highest, driven by the coronavirus pandemic.

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Taking a look at specific currency pairs, the Mexican peso against the Japanese yen (MXN/JPY) reported growth in trading, with 556,603 contracts traded during the month. This volume is stronger by 61.9 percent on a monthly comparison, and it is higher by 208.9 percent year-on-year.

Although trading of the British pound against the United States dollar (GBP/USD) was lower by 18.6 percent month-on-month, the number of contracts traded in June compared to the same month of the previous year, was significantly higher – increasing by 316.6 percent.

TFX reports solid equity volumes

Not only did FX volumes do well, but TFX also reported solid equity volumes, with 1,323,467 Equity Index Daily Futures contracts traded during June. This represents a rise of 25.5 percent against May. On a yearly measurement, June’s volume has grown by 144.1 percent.

The trading volume of Three-month Euroyen futures, however, didn’t see gains across the board. With 27,298 futures traded in June, this is higher by 51.9 percent on a monthly comparison, this figure has dropped by 70.3 percent against June of 2019.

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