Foreign exchange trading volumes at Thomson Reuters dropped lower both on a monthly and on a yearly basis, as range trading ensued.
The total average daily volume (ADV) of foreign exchange trading across Thomson Reuters platforms in October totalled $353 billion daily. The figure is lower by 3 per cent when compared to the previous month amid stagnant major currency pairs.
In contrast to last October, the figures this year are more modest with the year-on-year numbers contracting by 5.6 per cent. The industry trading volumes numbers are increasingly reliant on major central bank decisions. Since both the Federal Reserve and the ECB have stayed pat in October, the main driver for Volatility, the EUR/USD, has traded in a tight range.
Looking at the breakdown for different contract types, we observe spot trading declining more sharply when compared to the broader metrics to $104 billion daily or down 4.5 per cent. Forwards, Swaps, options and non-deliverable forwards have contracted by 2.7 per cent to $249 billion.
Monetary policy divergence
The month of October started on a vibrant note in terms of volatility on the foreign exchange market. The Federal Reserve December rate hike prospects have increased once more after the last Fed statement last week and the buoyant employment report that followed.
Commenting on prospective foreign exchange market moves, currency strategist at DailyFX Iliya Spivak said: “The markets are now wondering if ECB officials will opt for something relatively restrained or commit to a big-splash gesture. The former could be a broadening the range of QE-eligible assets or extending the existing effort beyond its September 2016 expiry.”
“The latter may take the form of increasing the size of asset purchases from the current €60 billion/month or even moving the deposit rate deeper into negative territory. Rhetoric hinting a preference for stronger action is likely to bode ill for the Euro (and vice versa),” he explained.
The more uncertainty there is, the more likely it is that currency market volatility will increase and lead to higher trading volumes into the year end.
The total average daily volume (ADV) of foreign exchange trading across Thomson Reuters platforms in October totalled $353 billion daily. The figure is lower by 3 per cent when compared to the previous month amid stagnant major currency pairs.
In contrast to last October, the figures this year are more modest with the year-on-year numbers contracting by 5.6 per cent. The industry trading volumes numbers are increasingly reliant on major central bank decisions. Since both the Federal Reserve and the ECB have stayed pat in October, the main driver for Volatility, the EUR/USD, has traded in a tight range.
Looking at the breakdown for different contract types, we observe spot trading declining more sharply when compared to the broader metrics to $104 billion daily or down 4.5 per cent. Forwards, Swaps, options and non-deliverable forwards have contracted by 2.7 per cent to $249 billion.
Monetary policy divergence
The month of October started on a vibrant note in terms of volatility on the foreign exchange market. The Federal Reserve December rate hike prospects have increased once more after the last Fed statement last week and the buoyant employment report that followed.
Commenting on prospective foreign exchange market moves, currency strategist at DailyFX Iliya Spivak said: “The markets are now wondering if ECB officials will opt for something relatively restrained or commit to a big-splash gesture. The former could be a broadening the range of QE-eligible assets or extending the existing effort beyond its September 2016 expiry.”
“The latter may take the form of increasing the size of asset purchases from the current €60 billion/month or even moving the deposit rate deeper into negative territory. Rhetoric hinting a preference for stronger action is likely to bode ill for the Euro (and vice versa),” he explained.
The more uncertainty there is, the more likely it is that currency market volatility will increase and lead to higher trading volumes into the year end.
EU Parliament Imposes €10,000 Cash Payment Limit in New Anti-money Laundering Legislation
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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