Multi-asset broker Saxo Bank has reported a slump in foreign exchange (forex) trading volumes for the month of July, joining a list of trading providers to report a drop from the unexpected surge seen in June of 2020.
Across the month of July, the Danish broker recorded a monthly forex volume of $138.6 billion. When measuring this against the previous month, which posted a total monthly volume of $161.4 billion, the volume in July is lower by 14.1 per cent.
FX volumes on Saxo Bank up YoY
As Finance Magnates reported, the Denmark-headquartered firm posted an unseasonal recovery in June, buoyed by COVID-19 volatility. So although July’s volumes have fallen on a monthly scale, it is still 10.5 per cent stronger than the $125.4 billion FX volume noted in July of 2019.
The monthly trading volume for equities was $115.4 billion in July, with an average daily volume of $5.2 billion. This equals a drop of 9.1 per cent, down from $127.0 billion in July of 2019.
Taking a look at commodities, the total monthly trading volume came in at $48.6 billion in July, with a daily average of $2.2 billion. This is stronger than the volume achieved in the previous month by 81.3 per cent. On a yearly comparison, trading is up by 18.2 per cent.
Fixed income trading, however, has fallen against the previous month, dropping from $6.8 million in June of 2020, down to $4.4 billion in July of 2020. As a percentage, this translates to a decline of 35.3 per cent.
Saxo Bank’s performance in July is in line with a number of other brokers, who have all reported a drop in monthly volumes in July from June, which provided a surge. As Finance Magnates reported, the Tokyo Financial Exchange (TFX) saw a drop in FX volumes, as did Cboe’s spot FX platform, among other trading providers.
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