Saxo Bank Sees Monthly Recovery of FX Trading Demand in July

Saxo Bank has reported a monthly recovery in its 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 volume and the overall market demand for the month of July. According to the latest figures, the total monthly volume with forex instruments on the platform came in at $111.9 billion.

Though there was a gain of almost 5.5 percent in the FX trading volume when compared to the numbers of the previous month, it declined heavily from last year. In July 2020, Saxo reported a total FX monthly volume of $138.6, meaning the demand went down by more than 19 percent on a year-on-year basis.

The latest monthly average daily volume (ADV) stood at $5.1, recovering from the previous month’s $4.8 billion.

Saxo includes four markets in its monthly reporting of trading statistics: commodities, equities, fixed income and forex. Most of the activities on the brokerage platform happens on its equities and forex markets.

Overall Demand Strengthens

Apart from forex, the equities market demand soared significantly last month: a total volume of $155.4 billion was reported for the period, climbing from the previous month’s $126.7 billion. July became one of the best months for Saxo’s equities offering with the peak remaining at $182.6 billion achieved in March 2020.

Additionally, Equities offering matured on Saxo over the last couple of years as the market is bringing even more trading volume than forex.

However, commodities and fixed income markets saw a decline in demand, bringing a total of $35.3 billion and $6.9 billion in monthly volumes, respectively. Meanwhile, the overall monthly volumes for July strengthened to $309.5 billion with an ADV of $14.1 billion.

Earlier, Saxo Markets announced that it is going to introduce trading with cryptocurrency derivatives as well, but the services will only be available to its clients in Australia and Hong Kong.