Saxo Bank Posts 24% MoM Decline in FX Trading Volume in July

Copenhagen's Saxo Bank has published its trading metrics for the month of July 2022, showing a decline in trading volumes across all its divisions.

According to the latest figures, the total trading volume for the month came in $322 billion, decreasing 19.3 percent on a month-to-month basis from June's $398.8 billion. Additionally, the total average daily volume in July was $15.3 billion, which was 12 percent lower than last month's $18.1 billion.

Saxo Bank reported that the average daily volume for forex trading in July was $5.5 billion and total FX trading volume for the month came in at $115.9 billion. That was a month-over-month decrease of 24 percent compared to last month's $152.5 billion.

Moreover, commodities, equities and fixed income markets also saw a decline in demand, bringing a total of $32.3 billion, $166.2 billion and $7.7 billion in monthly volumes, respectively.

Saxo Bank has announced major hires to ramp up its international growth plans. Last month, the broker has has promoted Stuart Ogilvie to Wealth Management Value Proposition-Senior Manager.