FXCM Group is reporting an increase in trading volumes during the month of August. Retail clients of the company transacted a total of $223 billion worth of trades. The figure is higher by 13 percent when compared to July 2017, but lower by 7 percent when compared to August 2016. [gptAdvertisement]
The higher number of trading days in August played a significant role in the total increase of the metrics on a monthly basis. The average daily trading volume was a modest 3 percent higher when compared to the previous month, coming in at $9.7 billion per day. This number is 8 percent lower than in the same month of last year.
The number of active accounts decreased somewhat in August when compared to July, marking 123,411 traders. The figure is lower by 705 accounts when compared to July and by 7,656 accounts when compared to August 2016.
During last month, the company's clients transacted a total of 339,512 trades per day. The number is higher by 5 percent when compared to July, but lower by 22 percent when compared to last August.
This year August has marked a change for a number of big brokers in the industry. While seasonal activity is typically slower, Volatility of the US dollar has brought forward some trading interest from retail and institutional clients alike. The trading ranges expanded during the second half of the month, leading to more risk taking behavior.
September is also kicking off on a higher note, as central bankers globally have intensified their rhetoric on Exchange rates. Looking ahead, we expect that after a typical slowdown in the summer months, trading volumes for brokerages will continue to rebound higher in the coming weeks.
