Mon, July 22, 2024

Saxo Bank Foreign Exchange Demand Decline

Saxo Bank снижение спроса на иностранную валюту

The Saxo Bank platform monthly volume for June stood at 78.1 billion, while the bank’s daily average volume was $3.9. The platform’s monthly trading volume lowered by 4.2%. 

 

More Downward Shifting for the Saxo Bank Forex Demand

Despite June’s lowest monthly forex volume,  the daily average rose to $3.9 billion from $3.5 billion in May. Annually, the monthly volume and daily average declines were 34.6% and almost 2.8%, respectively. 

In 2023, the forex trading volume on Saxo was down throughout the year. The decline started in January, with $106.7 billion, down from $134.8 billion the previous month. However, there was a recovery in April, but the bank couldn’t maintain it for consecutive months.

 

A Marginal Rise Displayed by Equities

Besides forex, equities, a crucial contributor to most of Saxo’s trading volume, saw a marginal rise in trading volume. The volume was $242.4 billion in June, up from May’s $241.5 billion. The daily average rose to $12.1 billion from $10.5 billion the previous month.

Also, Saxo Bank offers trading in commodities and fixed-income instruments, but their demand is significantly lower than that of equities and forex. In June, trading in both instruments declined by 26.2% to $41.9 billion for commodities and 10.6% to $9.2 billion for fixed income.

With all the fluctuations, the bank’s overall monthly trading volume for June stood at $371.6 billion from May’s $388.1 billion. The amount declined by 5.1% every year.

Meanwhile, Saxo examines strategic operational opportunities in Hong Kong, Japan, and Australia. They aim to use potential partnerships to accelerate the bank’s growth in the Asia-Pacific region. 

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