According to Saxo Bank’s May statistics, there is a further gradual slide in forex trading demand across months. Nonetheless, the overall volumes seem to recover so it is early to say that Saxo Bank is down.
Forex monthly volume has shrunk from $124.2 billion to $104.3 billion since last month. That refers to a downsizing movement in demand by 16 % in a month.
On a yearly scale, the demand in Forex is in decline concerning last year. For instance, last year in May, forex trading volume reached $158.7 billion, according to the records of the forex and CFDs providers. When this record is compared to the current demand, the annual deduction is more than 34 %.
On behalf of forex pairs volumes, the daily averages for the last month float around $5 billion, which is 10.7 percent lower monthly and 34.2 percent lower yearly.
Golden Months of Equities
Despite all these adverse movements for Forex, the last months were the golden age for equities. For May, the recorded trading volume in equities is $141.9 billion, 24 % higher than the previous month. Thus, the daily averages are at $6.8 billion.
On Saxo Bank’s platform, equities trading performance was at its peak for May since the volumes remained behind the expectations for the last two years in the month of March.
The two highest records in equities trading volume were found in March 2020 with $182.6 billion and in March 2021 with $175.8 billion. In this sense, May arose as the third most fertile month of the two years.
Furthermore, the broker observes a boost in demand for commodities by 37 %, worth $43.3 billion. In contrast, fixed income trading dropped off $9 billion.
When all these numbers are added, Saxo bank adopts a quick recovery. Last month, the broker’s numbers upgraded from $279.5 billion to $298.6 billion in a month. For the broker, the drastic and damaging change in demands of Forex pulled the blazing jump in equities down.
Following the developments, Saxo bank decided to expand to the crypto-currency market. The broker has been under grave requests to include cryptocurrency derivatives instruments in its product range. Both retail and institutional traders accelerated the process as they demanded the asset class the most. Traders in Australia and Singapore will initially benefit from the service.
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