Saxo Bank Sees Mixed Performance in June, FX Volumes Fall MoM

Saxo Bank Sees Mixed Performance in June, FX Volumes Fall MoM

July 11, 2019

Danish retail broker Saxo Bank has published its trading volumes for the month of June. After reporting mediocre foreign exchange (forex) volumes in May, the firm has yet again recorded a lacklustre performance.

During the month of June, Saxo Bank reported a monthly FX volume of $134.0 billion. When measured against the previous month, which noted a monthly volume of $145.2 billion, it is lower by 7.7 per cent.

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Interestingly the daily average volume for the forex markets came in at $6.7 billion in June. Despite the fact that the overall volume fell for the FX sector, the average daily volume increased by 6.3 per cent month-on-month, rising from $6.3 billion in May.

In May, equities was the standout asset class for Saxo Bank, recording a month-on-month growth in the monthly volume of 94.8 per cent. In June, however, the sector has not performed so strongly.

In fact, in June the Danish broker reported a monthly equities volume of $58.8 billion. When measured against the previous month, this represents a decline of 31.7 per cent. The daily average also fell from $3.7 billion in May down to $2.9 billion in June.

Commodities and FI shine in June for Saxo Bank

Taking a look at commodities, the multi-asset broker managed to achieve a solid performance, with the monthly volume coming in at $47.5 billion. This is higher than the $34.7 billion reported in May by 36.9 per cent.

In line with the monthly volume increasing, so did the daily average for the commodities sector. In fact, it rose from $1.5 billion in May 2019 to $2.4 billion in June, which represents a growth of 60.0 per cent month-on-month.

The fixed income segment, like commodities, also achieved solid trading volumes, with a monthly volume of $9.3 billion. Weighing this against May’s performance, June has achieved a monthly growth of 32.9 per cent. 

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