Saxo Bank volumes down 9% in August, Commodities strong
The summer trading slowdown seems to have hit Saxo Bank, with the Copenhagen based Retail FX and CFDs broker reporting a 9% decline in overall trading volumes.
In total, multi-asset trading volumes at Saxo Bank came in at $279.4 billion for August 2020, down 9% from July’s $307.1 billion (which in turn was down 5% from June). FX trading volumes were down by 11% MoM to $123.4 billion. Equities – which had been very strong the previous few months – cooled off somewhat with volumes down 27% from July at $83.7 billion.
However an area which remained strong for Saxo Bank was Commodities trading. With Gold prices hitting all-time highs during August and then giving back some of those gains, commodities trading has increased in popularity with retail traders, and Saxo rode that wave to see $66.5 billion of Commodities trading volumes in August. That marks an all-time high for Commodities volumes at Saxo Bank, with Commodities representing nearly a quarter (24%) of all trading for the firm’s clients last month. By contrast, FX volumes as a percentage of total trading dropped to an all-time low at Saxo Bank, at just 44%.
Saxo Bank is controlled by China’s Geely Group, which bought a majority interest in the company in 2018.