Saxo Bank Reports 40% MoM Rise in FX Demand in March 2023

Fazzaco learned that Saxo Bank, the online trading and investment specialist, has released its trading volumes on the platform for March 2023, showing an increase in FX demand.

According to the latest figures, the total trading volume for the month came in $482.1 billion, increasing 34 percent on a month-to-month basis from February’s $359.8 billion. Additionally, the total average daily volume in March was $21 billion, which was nearly 16.7 percent higher than last month's $18 billion.

Saxo Bank reported that the average daily volume for forex trading in March was $6.8 billion and total FX trading volume for the month came in at $155.6 billion. That was a month-over-month increase of 40 percent compared to last month's $110.8 billion.

Moreover, commodities market, Equities market and fixed income market also saw a rise in demand, bringing a total of $44.2 billion, $259 billion and $22.4 billion in monthly volumes, respectively.