Volumes Fall on TFX in July, Erasing Recovery Seen in June

On a monthly comparison, all currency pairs traded on TFX saw a drop in volumes.

After seeing an uptick in trading volumes during the month of June, the Tokyo Financial Exchange Inc. (TFX) has today released its metrics for July, revealing a drop in trading from the previous month.

During the month of July, TFX recorded a total trading volume for foreign exchange (forex) Daily Futures contracts of 1,874,286. The average daily trading volume was 81,492 contracts.

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When measuring this volume against the previous month, July’s performance has dropped by 30.1 per cent. Further, July’s FX trading volume is lower on a yearly comparison, which is down by 7.1 per cent.

TFX Reports MoM Drop across Currency Pairs

Taking a look at the trading activity for specific currency pairs. Volumes were lower in July on a monthly comparison across the board, with the New Zealand dollar/Japanese yen (NZD/JPY) currency pair reporting the toughest monthly decline of 51.8 per cent.

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When comparing annually, the situation is not as bad for the month of July, with half of the currency pairs posting a yearly increase in trading volumes. Seeing the biggest annual gain was the Mexican peso against the yen (MXN/JPY), which increased by 141.9 per cent.

Moving on to Equity Index Daily Futures contracts, the trading volume for the month was 750,410 contracts. This gave an average daily trading volume of 32,627 contracts. When contrasted with June 2020, July’s trading volume has fallen by 43.3 per cent. However, trading has increased by 13.9 per cent for the product on a yearly scale.

The trading volume of Three-month Euroyen futures was 15,728 contracts in July, with an average daily volume of 749 contracts. This number has dropped by 42.4 per cent and 79.1 per cent on a month on month and year on year basis, respectively.

The combined trading volume for all TFX products for the seventh month of the year was 2,640,424 contracts. When weighing this against June, volumes are lower by 34.5 per cent. Finally, trading was also weaker by 4.0 per cent against July 2019.

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