Saxo Bank Sees Recovery in FX Demand, June Trading Volume Jumps 44% YoY

Saxo Bank published the trading metrics for June 2022, reporting a monthly decline in overall activities. Total trading volume for the month came in at $398.8 billion, which is 5.4 percent lower than the previous month.

Despite the monthly dip, June’s overall trading demand came in significantly higher than the levels in April. It even strengthened by more than 41 percent on a year-over-year basis.

Additionally, the demand for forex trading on Saxo’s platform improved marginally last month. The total monthly volume with 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 instruments came in at $152.5 billion compared to the previous month’s $149.6 billion and June 2021’s $106.1 billion. Thus, forex demand came in 2 percent stronger month-over-month and almost 44 percent on a yearly basis.

Moreover, June’s 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 demand on Saxo came in the highest since mid-2020. On top of that, the average daily trading volume touched $6.9 billion.

Other Markets

However, demand for equities trading declined last month. The total trading volume with equities instruments offered by Saxo stood at $192.1, which is lower than the previous month’s $220.1 billion. Also, this asset class recovered on a yearly basis with the demand gaining almost 52 percent.

Furthermore, Saxo offers trading services with commodities and fixed income instruments. While demand for the first declined by 14.7 percent, the second strengthened by 45.7 percent month-over-month.

Saxo Bank is headquartered in Denmark but has a significant presence in the Asia-Pacific markets as well. Its focus on the APAC also became prominent with several key hirings over recent months. In May, the company expanded its APAC market strategist team by onboarding Charu Chanana.

Apart from Saxo, other retail trading platforms are posting solid growth in volumes. Exness, which is headquartered in Cyprus and has a broad presence in emerging markets, reported $2.25 trillion as the monthly trading volume in June as the number of active clients on the trading platform hit a record.