The forex broker Saxo Bank registered a strong improvement in its July results with trading in forex jumping by over 5% from the previous month. However, numbers are still way behind what was registered last year.
In fact, July 2020 saw Saxo reporting a total forex monthly volume of $138.6 billion. July 2021 saw a figure of $111.9 billion which represents a decrease of 19% when compared on a year-by-year basis.
However, the forex broker has something to cheer for July. The $111.9 billion signifies an increase of over 5.5% when compared with the June figures. These results signify that interest in forex trading is on the up again.
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Demand Continues To Strengthen for forex broker Saxo Bank
Other figures were also quite encouraging for the forex broker. The latest monthly average daily volume was up to $5.1 billion from $4.8 billion in June. Saxo Bank includes four markets when reporting its trading statistics. These are commodities, equities, fixed income and forex. The vast majority of activities on the brokerage platform happen in forex and equities.
The forex market aside, demand for equities also rose significantly in July for Saxo bank. In fact, a total volume of $155.4 billion was reported for this period. This was a considerable increase from the $126.7 billion reported in June or a 21% jump.
Additionally, July registered as one of the best months for its equities offering. However, the peak for the forex broker remains the $182.6 billion that was achieved in March 2020.
The Equities offering which matured on Saxo Bank over the last couple of years continued to increase. This market is bringing in far more trading volume than forex.
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Commodities and Fixed Income Drop, new Services To Be Offered by Saxo Bank
Although Saxo bank saw a considerable rebound in its forex and equities markets, the other sectors were not so successful. The commodities and fixed income markets saw totals of $35.3 billion and $6.9 billion respectively.
The overall monthly volumes for July were up to $309.5 billion whilst the Average Daily Volume came in at $14.1 billion.
The forex broker Saxo Markets also announced that it will be introducing trading with cryptocurrency derivatives in the near future. However, this new service will only be available to its clients in Australia and Hong initially.
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Gerald Fenech
