Doo Group, a conglomerate of several financial services entities including forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and contracts for differences (CFDs) brokers, has published its trading volume report for May 2024.

The report reveals that Doo Group's total trading volume for the month was USD 106.53 billion, a slight decrease from the previous month. The average daily volume for May also declined compared to April.

Top May Trades

The most traded products in May were XAU/USD, EUR/USD, and GBP/USD. XAU/USD had the highest trading volume, reaching USD 80.99 billion. EUR/USD showed the most significant increase, rising by 11.26% from April.

The report attributes the slight decline in trading volume to reduced investor risk aversion, influenced by better-than-expected US economic data and decreasing inflation pressure.

Additionally, expectations of lower interest rates from European central banks led to an upward movement in Eurozone stock indexes. This improved investors' risk appetite, resulting in a decreased interest in gold, as reflected in the lower trading volume for XAU/USD in May.

Doo Group’s trading volume reached USD 106.53 billion in May, an increase of 29.5% from the previous month. The overall trading volume has continued to show strong growth momentum, with 24.26% in total! 🚀📊

Read more: https://t.co/hRf7kxyMCR pic.twitter.com/p3OY5CwYb2

— Doo Clearing (@DooClearing) June 14, 2024

Since the beginning of 2024, Doo Group’s trading volume has remained stable. The year-to-date trading volume stands at USD 465.00 billion, a growth compared to the same period last year.

Expanding into Middle East with New Dubai Office

Earlier, Doo Group established a new office in Dubai, United Arab Emirates, marking its entry into the Middle East, as Finance Magnates reported.

This move aims to enhance its presence in the region and engage with the growing business opportunities there. The decision is also influenced by the group's expanding client base in the Middle East. The Dubai office will host a team with expertise in digital technology, software development, and client support, specifically to serve the regional clientele.