Forex volume was at its lowest in March 2023. Now there is a jump, per the report for May 2023. The figure stands at $130.5 billion at a recovery rate of 27%. Monthly volume was at a daily average of $5.7 billion, for a 12% gain.
As impressive as it sounds, there is still some margin left to cover if Saxo Bank wants to surpass the mark of $155.5 billion posted in March 2023. Notably, that was a break from the consecutive monthly decline trend. The volume did slide by 12% in December to reach $121.3 billion but successfully jumped to $115.2 billion the following month.
What followed next was a decline of 4% in February for a value of $110.8 billion.
Specifically speaking, trading volume gained strength in May 2023 to touch $407 billion, for a 28% rise. The previous mark was $318.78 billion. That is the same time when daily volume averaged $17.7 billion at 11%. April, on the other hand, showed a $15.9 billion mark.
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Trading volume in commodities and equities for May 2023 was $40.7 billion and $228.2 billion, respectively. Fixed income increased by 12% to jump to $7.6 billion. Saxo Bank is one of the top forex brokers UK, and one may believe it for all the right reasons. According to the recent disclosure, it has been learned that client assets have exceeded $100 billion, representing a five-fold growth in five years.
This, as experts have stated, is a result of instantly transferring the benefits of central bank hikes to customers.
The Australian authorities have flagged Saxo Bank for deficiencies in TMDs, short for target market determinations. Nonetheless, there is little to no question about how safe Saxo Bank is in current times. The venture has been able to post positive results and showcase growth over a period of five years.
Founded in 1992, Saxo Bank is headquartered in Copenhagen, Denmark, offering products like stock, futures, CFDs, crypto, and options. The minimum deposit is $2,000, but the number may differ based on the region. Supported currencies include USD, AUD, and JPY, among others.
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A detailed report is available on the official website of Saxo Bank. June’s statistics are expected to be made available in the first half of July 2023. Check out the Saxo Bank review to learn more!
