FX Volume on Saxo Pushes December’s Overall Figure Higher

<p dir="ltr">Saxo Bank has released its trading metrics for December, reporting an uptick in the monthly volume of forex instruments. According to the official numbers, forex trading jumped 13.6 percent month-over-month to $13.8 billion, the highest since last March.</p><p dir="ltr">Strong FX Demand on Saxo</p><p dir="ltr">The average daily volume (ADV) for FX in December was $6.4 billion, increasing from the previous month’s $5.4 billion. Year-over-year, the ADV gained 16.3 percent, while the overall monthly volume increased over 11.1 percent.</p><p dir="ltr">An increased demand for forex also dragged the overall monthly volume at Saxo marginally higher to 1.8 percent reaching $369.5 billion. However, this figure dropped 11.1 percent when compared to December 2022.</p><p dir="ltr">Equities and Other Asset Classes Declined</p><p dir="ltr">Headquartered in Denmark, <a href="https://www.financemagnates.com/tag/saxo-bank/">Saxo </a>offers trading services with equities, commodities, and fixed-income instruments. While demand for forex increased in the last month of 2023, all these other asset classes witnessed a decline in trading volume.</p><p dir="ltr">Equities, the most popular asset class on Saxo in terms of trading volume, recorded a monthly volume of $192.8 billion in December, a <a href="https://www.financemagnates.com/forex/fx-trading-on-saxo-gains-momentum-in-november/">monthly decline</a> of 2.4 percent. Year-over-year, the demand for equities dropped by more than 22 percent. However, the latest ADV for equities at $9.2 billion improved from the previous month’s $9 billion.</p><p dir="ltr">The monthly volume of commodities instruments on Saxo for December was $31.6 billion, down from the previous month’s $35.4 billion. Fixed income, which brings in the least demand from traders on Saxo, witnessed a monthly volume decline to $10.3 billion from $10.6 billion.</p><p dir="ltr">Saxo has a global presence and offers <a href="https://www.financemagnates.com/forex/brokers/saxo-enables-trading-with-9-crypto-fx-trading-pair-on-tradingview/">cryptocurrency contracts for differences</a> in some Asia-Pacific markets. However, it does not actively report on those figures. In the first half of 2023, the group turned an <a href="https://www.financemagnates.com/institutional-forex/saxo-banks-h1-2023-profit-soars-34-despite-low-trading-activity/">operating profit of DKK 520 million</a>, an uptick of 34 percent.</p>

This article was written by Arnab Shome at www.financemagnates.com.