Saxo Bank Reports 25.1% MoM Uptick in FX Trading in February

February has been a strong month in terms of 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) trading for brokers and trading providers across the globe. Recently, multi-asset broker Saxo Bank posted its volumes for the month, showing that it has also managed to benefit from this trend.

During February, Saxo Bank reported a monthly forex volume of $143.9 billion. When measuring this against the previous month, which had a monthly volume of $115.0 billion, it has risen by 25.1 percent.

The monthly FX volume is the strongest achieved since May of 2019. When looking at the FX monthly volume on a yearly scale, February of 2020’s volume has grown by 4.9 percent, up from $137.2 billion in February of 2019.

In terms of the FX daily average, the month of February delivered an average of $7.2 billion. Again this is higher than the previous month by 38.5 percent. It has also increased by 4.3 percent year-on-year.

Taking a look at other assets, fixed income trading also saw a monthly uptick, with the monthly volume increasing from $8.9 billion in January up to $13.7 billion last month. This translates to a 53.9 percent increase.

The monthly volume for equities also saw a solid boost in February, with the total monthly volume coming in at $119.9 billion. Comparing this against the previous month, which had a monthly volume of $82.1 billion, the trading volume has grown by 46.0 percent.

Unlike the other three assets, the monthly volume for commodities remained steady. In fact, the monthly volume for February remained completely unchanged from January of 2020 - staying at $37.3 billion.

Overall trading on Saxo Bank rises

Overall, for the second month of 2020, Saxo Bank recorded a monthly volume of $314.7 billion. As a percentage, trading volumes grew by 29.3 percent on a monthly comparison. Year-on-year, the multi-asset broker has posted a growth of 52.4 percent.