Foreign exchange electronic communications network Hotspot is marking its third best month of 2017 in May. The company reported that trading volumes reached $647.3 billion last month, a figure which is higher by 17 percent when compared to April and by 26 percent when compared to May 2016.

The average daily trading volumes (ADV) for the company rose marginally when compared month-on-month, as the month of May had 3 more trading days when compared to April. The ADV was higher by 1.5 percent month-on-month and by 20 percent when compared to a year ago.

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Trading was elevated due to the French election and the political scandals engulfing the administration of Donald Trump that weighed on the US dollar.

Hotspot’s performance in May is likely to drive the results of the foreign exchange subsidiary of CBOE in Q2 higher than in the first quarter.

Foreign exchange volatility in recent months ground to a halt after the CVIX index dropped to its lowest level since 2006. The ongoing theme of pockets of volatility continues to be driving market moves this year.

June should be a particularly interesting month, with the upcoming UK election likely to drive demand for the British pound and affect the euro somewhat. The Trump administration continues to be involved in scandals and is likely to continue driving market moves in the USD pairs.

Just like with the majority of industry participants, the performance of Hotspot has been driven by political uncertainty. The theme is only likely to dissipate once the hopes of tax reform in the US and the exit path of the ECB from its bond buying program reignite interest from currency punters.