Publishing last month’s trading statistics, Saxo Bank has reported further slides in the demand for forex trading on a month over month basis, despite overall volumes having recovered during May. The most recent figures published by Saxo suggest that monthly volumes for forex instruments dipped to around $104.3 billion, a reduction of 16% compared to April’s reported volume of $124.2 billion.
Forex demand has also decreased when analysed through a yearly lens: this time last year, Saxo Bank reported a forex trading volume of $158.7 billion, revealing this year’s figures for May to have dropped by over 34% on a yearly basis.
In terms of daily averages concerning the trading volume of forex pairs, the figure for May 2021 reached around $5 billion. This is a reduction of 10.7% on a month-over-month basis and a massive 34.2% lower when viewed year-over-year.
Despite the dull outlook for forex, however, Saxo Bank saw a rise in the demand for equities on the platform. The forex and CFDs provided have reported a figure of around $141.9 billion for May’s equities trading volume. This number is an increase of 24.2% compared to April’s figures, while May’s daily average was reported to be $6.8 billion.
May has now remained one of the best months concerning equities trading for the brokerage, with the latest volumes coming in just slightly behind records set for the previous two years throughout March. May 2021’s numbers are reportedly the third-highest ever achieved for Saxo Bank, with the broker having reported around $182.6 billion and $175.8 billion when revealing equities trading volumes for March 2020 and March of this year, respectively.
Additionally, the demand for commodities saw an increase of around 37%, up to $43.3 billion. Despite this, fixed income trading saw a significant fall to a mere $9 billion.
On an overall basis, Saxo witnessed its numbers recovering to around $298.6 billion compared to April 2021’s figure of $279.5 billion. However, the hefty dent in the demand for forex has seemingly eclipsed this impressive increase in equities.
Just last month, Leaprate reported Saxo’s strategic decision to expand its product offering by making cryptocurrency derivatives instruments available to Australia and Singapore-based clients in response to the rising demand for asset classes.
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