Foreign exchange demand on the Saxo Bank platform continued to decline, with the latest monthly trading volume for June coming in at $78.1 billion. With a month-on-month decline of about 1.9 percent, the latest figure is the lowest since Saxo started publishing its trading metrics in 2016.

Another Low for FX Demand on Saxo

Despite the rock-bottom monthly FX volume, the daily average recovered from the previous month, coming in at $3.9 billion, compared to $3.5 billion in May. Year-over-year, the monthly volume declined by 34.6 percent, while the daily average declined by almost 2.8 percent.

The FX trading volume on Saxo remained low throughout 2023. The year started with a volume drop in January to $106.7 billion from the previous month’s $134.8 billion, and the trend continued. Although there was a recovery in April, it could not be sustained in consecutive months.

Equities Showed Marginal Rise

Apart from FX, equities, which now bring the most trading volume on Saxo, witnessed a marginal increase in trading volume. In June, the trading volume of equities touched $242.4 billion, compared to the previous month’s $241.5 billion. The daily average also increased to $12.1 billion from $10.5 billion.

Saxo Bank also offers trading in commodities and fixed-income instruments, although demand for these is much lower compared to forex and equities. Trading volume with both commodities and fixed income declined in June: commodities declined by 26.2 percent to $41.9 billion and fixed income by 10.6 percent to $9.2 billion.

With all the ups and downs, the overall monthly trading volume on Saxo for the month of June came in at $371.6 billion, down from the previous month’s $388.1 billion. The figure dropped by 5.1 percent year-over-year.

Meanwhile, Saxo Bank is reviewing strategic opportunities for its operations in Australia, Japan, and Hong Kong, with a goal of accelerating the Danish bank's growth in the Asia-Pacific region through potential partnerships.