Saxo Bank Posts Recovery in FX Trading in December 2019

After reporting its worst monthly foreign exchange (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) volumes in November of 2019, Saxo Bank has recently provided its metrics for the final month of last year, which, although still weak, paint a much better picture for the multi-asset broker.

As Finance Magnates reported, in November, the Danish broker noted a monthly trading FX volume of $107.4 billion in November. Not only was this the lowest monthly volume for the whole of 2019, but it was also the weakest monthly result achieved since at least the beginning of 2016.

Despite the fact that December is often a quiet month due to the holiday period, Saxo Bank reported a monthly Forex Trading Forex Trading Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Read this Term volume of $118.9 billion. Measuring this against November, trading increased by 10.7 percent month-on-month.

Forex trading produces the largest volumes offered by Saxo Bank. Although December’s trading volume is higher on a monthly comparison, it is still considerably lower than the $147.6 billion FX trading volume posted in December of 2018. Therefore, trading activity was lower by 19.4 percent year-on-year.

The average daily trading volume also increased to $5.4 billion, up from the daily average of $5.1 billion in November. However, it is still lower than the daily average recorded in December of 2018, which was $7 billion.

Fixed-income trading on Saxo Bank sees yearly gains

Fixed income also benefitted from healthier trading levels in December of 2019. With the total trading volume coming in at $10.2 billion, volumes increased by 21.4 percent and 32.5 percent on a monthly and yearly comparison, respectively.

Taking a look at equities, the monthly volume for December was $52.3 billion. Similar to FX, last month’s volume for the asset managed to increase by 17 percent from $44.7 billion in the previous month. Nonetheless, it is still lower by 41 percent year-on-year.

Commodities trading, however, didn’t manage to produce an uptick in December. During the month, trading volume was $28.3 billion, which is lower than the previous month’s volume of $32.1 billion by 11.8 percent.