Doo Group, a conglomerate of several financial services entities including forex and contracts for differences (CFDs) brokers, has published its trading volume report for May 2024.

The report reveals that Doo Group's total trading volume for the month was USD 106.53 billion, a slight decrease from the previous month. The average daily volume for May also declined compared to April.

Top May Trades

The most traded products in May were XAU/USD, EUR/USD, and GBP/USD. XAU/USD had the highest trading volume, reaching USD 80.99 billion. EUR/USD showed the most significant increase, rising by 11.26% from April.

The report attributes the slight decline in trading volume to reduced investor risk aversion, influenced by better-than-expected US economic data and decreasing inflation pressure.

Additionally, expectations of lower interest rates from European central banks led to an upward movement in Eurozone stock indexes. This improved investors' risk appetite, resulting in a decreased interest in gold, as reflected in the lower trading volume for XAU/USD in May.

Since the beginning of 2024, Doo Group’s trading volume has remained stable. The year-to-date trading volume stands at USD 465.00 billion, a growth compared to the same period last year.

Expanding into Middle East with New Dubai Office

Earlier, Doo Group established a new office in Dubai, United Arab Emirates, marking its entry into the Middle East, as Finance Magnates reported.

This move aims to enhance its presence in the region and engage with the growing business opportunities there. The decision is also influenced by the group's expanding client base in the Middle East. The Dubai office will host a team with expertise in digital technology, software development, and client support, specifically to serve the regional clientele.