NEX Markets FX Volumes Jump to New 2017 High in September

Daily spot FX trading stormed past a previous high in January, as volumes broke out of a narrow consolidation.

NEX Markets, an electronic markets subsidiary of NEX Group, has just published its aggregated trading volumes report for September 2017. With markets back in full swing, the group saw its volumes slingshot out of a tight consolidation seen in August en route to fresh 2017 highs.

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The previous few months during the summer had been a mixed bag for many institutional venues – a rash of political scandals in the US and monetary policy events shaped markets, offering plenty of drivers that had not necessarily translated into higher volumes. While big money has remained on the sidelines previously, this appears to have changed in September, with volumes once again resuming an upward trajectory.

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NEX reported a figure of $97.4 billion daily for spot foreign exchange trading, which came in at 17.3 percent higher month-over-month from $83.0 billion daily in August 2017. This reflects a new yearly high for the group in 2017, besting a previous peak of $93.2 billion daily in January 2017. Over a yearly basis this figure was much higher, growing by 27.0 percent year-over-year from $76.7 billion in spot FX volume from September 2016.

Continued movement in the USD this past September as well as belligerent rhetoric surrounding North Korea were the primary factors influencing markets. As expected, volumes have catapulted out of the summer months and are now growing after being confined to a narrow range for the past three months.

In terms of US Treasuries, NEX Group’s electronic trading subsidiary also saw strong growth in this segment, reporting $160.1 billion daily during September 2017. This was an increase of 22.0 percent on a monthly basis from $131.2 billion back in August 2017. Relative to 2016, NEX’s latest figures were also higher, albeit by a more muted margin, climbing 3.9 percent from $154.1 billion daily in September 2016.

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