Saxo Bank's FX Trading Volume for January 2024 Down 20.8% MoM

Saxo Bank, the Copenhagen-based online trading and investment specialist, has updated its trading data for January 2024, with total volume for the month at $375.5 billion, up slightly by 1.6% from $369.5 billion in the previous month and unchanged from $375.6 billion in the same month last year. Average daily volume (ADV) was $17.1 billion, down 2.8% from December 2023's $17.6 billion and unchanged from January 2023's $17.1 billion.

Specifically, FX volume for January was $106.7 billion, down 20.8% month-over-month (MoM) from $134.8 billion in Dec 2023 and down 7.4% year-on-year (YoY) from $115.2 billion in Jan 2023. FX ADV was $4.9 billion, down 23.4% MoM from Dec 2023’s $6.4 billion and down 4.7% YoY from Jan 2023’s $5.2 billion.

Equity trading volume for the month was $219.7 billion, up 14.0% from $192.8 billion in the prior month and unchanged from January 2023. ADV for equities was unchanged from a year ago, increasing 8.7% from $9.2 billion in December 2023 to $10.0 billion.

Commodity volume was $39.3 billion, up 14.4% from $31.6 billion in the prior month and up 19.8% from $32.8 billion in the same month last year. ADV for commodities was $1.8 billion, up 20.0% from $1.5 billion both in December 2023 and January 2023, respectively.

Fixed income volume in January 2024 was $9.8 billion, a decrease of 4.9% MoM from Dec 2023’s $10.3 billion and an increase of 24.1% YoY from Jan 2023’s $7.9 billion. ADV for fixed income decreased by 20.0% MoM to $0.4 billion from $0.5 billion, unchanged from January 2023.