Saxo Bank Reports 20.8% MoM Decrease in FX Trading Trading Volume for January 2024

Saxo Bank, the Copenhagen-based online trading and investment specialist, has updated its trading data for January 2024, recording a total trading volume for the month of $375.5 billion, a slight increase of 1.6% compared to $369.5 billion in the prior month and unchanged compared to $375.6 billion in the same period of last year. Average daily volume (ADV) was $17.1 billion, down 2.8% from $17.6 billion in December 2023 and equal to $17.1 billion in January 2022.

More specifically, FX trading volume for the period came in at $106.7 billion, 20.8% lower than $134.8 billion in the prior month and 7.4% lower than $115.2 billion in January 2023. ADV of FX was $4.9 billion, down 23.4% on a month-on-month basis (MoM) (December 2023: $6.4 billion) and down 4.7% on a year-on-year basis (YoY) (January 2023: $5.2 billion).

Equities traded for the month amounted to $219.7 billion, rising 14.0% compared to $192.8 billion in the previous month and equal to that of last January. ADV was unchanged compared to the year-ago month, increasing 8.7% from $9.2 billion in December 2023 to $10.0 billion in the month.

The trading volume of commodities totaled $39.3 billion, an increase of 14.4% compared to $31.6 billion in the prior month and an increase of 19.8% compared to $32.8 billion in the year-ago month. ADV of commodities was 1.8 billion, up 20.0% compared to $1.5 billion both in December 2023 and January 2023.

Fixed income trading volume for January 2024 was $9.8 billion, down 4.9% MoM (December 2023: $10.3 billion) and up 24.1% YoY (January 2023: $7.9 billion). ADV of fixed income decreased 20.0% from $0.5 billion to $0.4 billion on a monthly basis, unchanged from that of January 2023.