Saxo Bank Sees 14.4% Dip in October FX Demand
The Saxo Bank Group has published its monthly trading activities data for October, showing declining demands across all the markets for which it is offering services.
The total trading volume for the month went down to $254.2 billion, a monthly decline of 16.3 percent from the previous month’s $303.8 billion. The daily average volume for the month went down from $13.8 billion to $11.6 billion.
The FX volumes for last month came in at $114.3 billion, compared to September’s $133.6 billion. That was a month-on-month decline of 14.4 percent. The demand remained poor on a year-on-year basis as in October last year, FX trading volumes stood at $141.2 billion.
The demand for equities on Saxo further slumped significantly in October with only $104.5 billion in assets changed hands, declining 15.7 percent month-on-month. The trading volume with commodities and fixed income instruments also went down by 23.7 percent and 17.5 percent respectively. In absolute numbers, October volume for commodities came it at $30.8 billion and foxed income at $4.7 billion.
Roller Coaster Ride of the Markets
The demand in trading slumped in October following a recovery in the previous month. In September, Saxo Bank reported a total trading volume of $303.8, up from August’s $279.4 billion. It is to be noted that the trading market cycle sees a decline in August due to the summer holidays.
Saxo’s volumes for October is only behind the brokerage’s reported volumes in January this year. It saw a windfall gain in March due to the Coronavirus induced volatility, but could not hold the surged numbers.
As Finance Magnates reported earlier, the Danish brokerage reported a record performance in the first half of 2020 with a net profit of $84.39 million.
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