Average Daily Trade Volume in FX Market on CLS Group Falls by 8.6% in July

CLS Group, a major foreign exchange settlement provider, published its key trading metrics for July, highlighting a decline in the average daily traded volume in the Forex (FX) market, which was $1.74 million, down 8.6% compared to the previous month. However, on a year-on-year basis, volumes were up 5%.

For the FX swaps, the report noted that figures were up 4% on a yearly reading compared to a year ago, adding $1.24 trillion to the total volume. Also, spot trades rose 8%, contributing $416 billion to the total volume. Moving onto the volumes across some of the major currency pairs, a significant rise in the figures was noted, with USD/CAD, GBP/USD, AUD/USD, and USD/CHF up by 16%, 24%, 15%, and 12%, respectively. However, EUR/USD struggled to skyrocket, and on the contrary, it fell by 11% compared to last year’s figure.

In terms of daily spot volumes activity, CLS Group noted that July 2 was the busiest day, with $558 billion traded and the USD currency pairs, including EUR/USD, USD/JPY, USD/CAD, and GBP/USD. On that same day, another busiest day for daily spot volumes in Euro currency pairs, EUR/USD posted $185 billion, while EUR/JPY hit $15 billion traded on July 8.

Metrics in May

“The data in this report is based on trades submitted to the CLS settlement and aggregation services. The data is adjusted to equate to the same reporting convention used by the Bank for International Settlements (BIS) and the semi-annual foreign exchange committee market reports,” the provider explained.

Finance Magnates reported CLS Group’s metrics for May, noting that the average daily trading volume for the month came in at $1.798 trillion, which is only 1% higher than the previous month’s figure. However, when compared year-over-year, the trading demand in May surged by 21%. CLS reported $1.489 trillion as its average daily trading volume for May 2020.

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