February FX Demand on Saxo Bank Sees Marginal Gain
Saxo Bank, a Danish multi-asset brokerage, published its monthly trading metrics for February 2021, reporting a solid uptick overall but a marginal gain in foreign exchange demand.
According to the broker’s numbers, the total volume of forex trading last month stood at $119.8 billion, increasing only 1.3 percent from January’s $118.2 billion. The average daily volume (ADV) in the month increased marginally to $6 billion from the previous month’s $5.9 billion.
Even the slight gain in the ADV shows a recovery in forex trading demand from the numbers achieved in the final quarter of last year.
However, on a yearly basis, the demand remained significantly lower as in February 2020 Saxo reported $7.2 billion in monthly ADV with a total trading volume of $143.9 billion.
Gain across All Asset-Classes
Apart from forex, the demand for all other asset classes remained impressive at Saxo. Equities ADV jumped to $6.9 billion from January’s $6.2 billion, with a total trading volume of $137.6 billion, which is a month-on-month increase of 11.2 percent.
The demand for commodities trading gained the most, with a total trading volume for the month at $37 billion, which is a spike of 13.1 percent. ADV for the asset-class showed a solid monthly gain with $1.9 billion that remained the same as a year ago.
Overall, Saxo Bank’s average daily volume across all asset classes was higher during February, reported at $15.1 billion per day, which is a 7 percent gain from the month prior. However, this figure was lower than the previous year’s figure of $15.7 billion.
Last week, the Saxo Bank Group reported its 2020 profits that jumped to DKK 750 million from merely DKK 40 million net income in the previous year. Furthermore, the client assets on the platform surpassed DKK 500 billion.
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