February has been a strong month in terms of foreign exchange (forex) trading for brokers and trading providers across the globe. Recently, Saxo Bank posted its volumes for the month, showing that it has also managed to benefit from this trend.
During the month of February, Saxo Bank reported a monthly forex volume of $143.9 billion. When measuring this against the previous month, which had a monthly volume of $115.0 billion, it has risen by 25.1 per cent.
The monthly FX volume is the strongest achieved since May of 2019. When looking at the FX monthly volume , February of 2020’s volume has grown by 4.9 per cent, up from $137.2 billion in February of 2019.
In terms of the FX daily average, the month of February delivered an average of $7.2 billion. Again this is higher than the previous month by 38.5 per cent. It has also increased by 4.3 per cent year-on-year.
Taking a look at other assets, fixed income trading also saw a monthly uptick, with the monthly volume increasing from $8.9 billion in January up to $13.7 billion in last month. This translates to a 53.9 per cent increase.
The monthly volume for equities also saw a solid boost in February, with the total monthly volume coming in at $119.9 billion. Comparing this against the previous month, which had a monthly volume of $82.1 billion, the trading volume has grown by 46.0 per cent.
Unlike the other three assets, the monthly volume for commodities remained steady. In fact, the monthly volume for February remained completely unchanged from January of 2020 – staying at $37.3 billion.
Overall trading on Saxo Bank rises
Overall, for the second month of 2020, Saxo Bank recorded a monthly volume of $314.7 billion. As a percentage, trading volumes grew by 29.3 per cent on a monthly comparison. Year-on-year, the multi-asset broker has posted a growth of 52.4 per cent.
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