Saxo Bank Reports Lowest Forex Volume Since August 2023
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
In October last year, Saxo Bank had a boost in client engagement leading to $375.5 billion. Nearly one-third of this amount came from the forex (FX) market, which saw lower volumes compared to the last three months of 2023.
Saxo Bank Records A Drop In Revenue For The Forex Market
FX trading volumes were at $106.7 billion in January, according to Saxo banks recent report. There was a significant drop from the $134.8 billion it had the previous month. It was the lowest result, with the volume being just under $106.1 billion.
The bank saw a lesser average daily volume for the forex market, which was $4.9 billion in January, falling from $ 6.4 billion in comparison to December.
All the recounted assets cumulated to $17.1 billion, a little lower than the bank’s report in December. Apart from FX products, Saxo Bank offers volumes of data for fixed-income products, equities, and commodities.
At the beginning of the month, the varied mode of Saxo banks advertises that the forex volume in January 2024 parallels with other main areas.
Saxo Bank has a mixed result for its FX volumes in January 2024. However, it aligns with results from other major areas, as reported at the beginning of the month.
Equities had the largest chunk or portion in the total volume of all assets. In January 2024, the Equity transaction and the exchange rate were reported to be $219.78 billion. This was a shoot-up from the value it has ever gotten since October 2023.
Concerning the present monetary or financial state of the Saxo Bank Group, its newest result emerges from the first half of the year, which shows that the organization gained a net profit of 282 million.
Saxo Bank Partners With FiarExchange
From the beginning of the year, Saxo Bank was lively, stating variations in its personnel products offerings. The bank has been making managerial and leadership changes to position the company more successfully. It recently promoted John Carmichael to the office of the Compliance and Risk unit.
Saxo Bank had entered into an alliance and partnership with FairXchange to strengthen its universal online trading and implementation service.
Saxo Bank has put several measures in place to aid the easy trading flow. It has made it reachable and affordable for those who want to invest in the US and Australian markets.
The act was a move to provide Australian investors with open, genuine, and all-inclusive pricing, thereby bringing about a cost-effective trading environment.
