Saxo Bank Reports Marginal Recovery in June FX Demand

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Saxo Bank has released its monthly metrics for June, showing marginal monthly recovery in foreign exchange demand but a slump in the overall trading volume. Total FX trading volume for the month came in at $106.1 billion, compared to May’s $104.3 billion.

However, the daily average of the forex trading volume on the trading platform remained at $4.8 million, which is down from the previous month’s $5 billion. On the yearly chart too, Saxo failed to make an impression as forex trading demand dropped by more than 34 percent year-over-year.

Though higher than May, total forex trading volume in June remained one of the lowest the platform has ever reported. After touching significantly higher figures of $170.5 billion in March, Saxo continuously witnessed a slow down in FX trading.

Apart from forex, trading demand went down with instruments of other asset classes. Equities, which brought in most of the volumes, were traded for a total of $126.7 billion, which is down from the previous month’s $141.9 billion.

Demand for commodities and fixed income decreased marginally in June on a month-on-month basis to $42.6 billion and $7.4 billion, respectively.

Overall Demand Fell

The overall trading demand on Saxo plummeted to $282.8 billion, with a daily average of $12.9 billion, compared to May’s total of $298.6 billion. However, last month’s total demand still stood strong from the two other months this year, which was mostly due to the gains in equities trading.

Earlier this year, Saxo announced that it will launch derivatives trading with a few top cryptocurrencies, but those services will be limited to the brokerage’s clients in Australia and Hong Kong.

Furthermore, Saxo made two key appointments in the last couple of months: one is Simon O’Malley who took over as the Chief Financial Officer at Saxo Markets UK, while the other one is Mette Ingeman Pedersen who will join as Saxo Group CFO before November 1.

(Photo: Saxo Bank)

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