Saxo Bank Reports Record Low in FX Trading Volume for June

Saxo Bank reported a continued decline in foreign exchange (FX) demand as per its latest trading volume for June. The monthly FX trading volume hit a new low of $78.1 billion, marking a 1.9 percent decrease from the previous month and the lowest figure since the bank began publishing these statistics in 2016.

Despite this downturn in monthly FX volumes, the daily average rebounded slightly to $3.9 billion in June, up from $3.5 billion in May. However, year-over-year comparisons revealed a significant decline of 34.6 percent in monthly FX volume and a 2.8 percent drop in the daily average.

Saxo Bank Reports Record Low in FX Trading Volume for June

Throughout 2023, FX trading volumes on Saxo Bank remained subdued, with intermittent recoveries, such as in April, failing to sustain momentum in subsequent months. January saw a notable decline to $106.7 billion from December’s $134.8 billion, setting the tone for a challenging year in FX markets.

Conversely, equities emerged as a resilient asset class on Saxo’s platform, experiencing a marginal increase in trading volume to $242.4 billion in June from $241.5 billion in May. The daily average trading volume for equities also rose to $12.1 billion, up from $10.5 billion previously.

In addition to FX and equities, Saxo Bank offers trading in commodities and fixed-income instruments, albeit with lower demand compared to the former. June witnessed declines in both these sectors, with commodities trading volume dropping by 26.2 percent to $41.9 billion and fixed income by 10.6 percent to $9.2 billion.

Overall, Saxo Bank’s total monthly trading volume for June stood at $371.6 billion, down 4.3 percent from May’s $388.1 billion. On a year-over-year basis, the decline amounted to 5.1 percent, reflecting broader market challenges and shifting investor preferences amid global economic conditions.

Company Overview

Saxo Bank stands out as a premier multi-asset broker, offering exceptional research capabilities and an exceptional trading platform, along with an impressive array of over 70,000 tradable instruments, which include spot forex, FX options, NDFs, CFDs, stocks, stock options, exchange-traded funds, ETNs, futures, and 33,000 bonds. For engaged traders, Saxo Bank offers a comprehensive and immersive trading journey, boasting an extensive toolkit, research resources, and premium features.

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