Saxo Bank has published its report for March 2023, revealing that it has been the best month since March 2020. Not just March 2020, but it turns out that the numbers have been good in comparison to the previous few months as well.
Foreign exchange volume was on the lower side till February 2023. It then went on to record a jump of 40% to touch the mark of $155.5 billion. The number for the same in February 2023 was $110.8 billion. The last high came in November 2022 for $138 billion. It followed a free fall in the following months until March 2023 and picked up on some gains.
December and January stood at $121.3 billion and $115.2 billion, respectively. February was the worst, and March came as a huge surprise.The daily average took a similar turn by recording $6.8 billion in March 2023 in comparison to $5.5 billion in the previous month. January saw a decline to touch $5.2 billion, with December standing at $5.5 billion. November was better despite the drop of 3% for the value of $6.3 billion.
Foreign exchange in terms of volume and daily average appears to have picked up the pace. Now, speculation follows if April 2023 could see a rise again instead of taking the graph on the lower side for one of the UK-regulated forex brokers. The performance of other assets has also been touched upon by Saxo Bank in its report for March 2023.
Commodities stand at $44.2 billion from $32.9 billion for February 2023. January 2023 registered $32.8 billion. February 2023 saw a slight increase; however, the following month brought a huge jump in excitement. Numbers do signify how secure is Saxo Bank, no matter the level of downfall it sees. Making this statement stronger is the average volume which has risen to $1.9 billion in comparison to $1.6 billion in February 2023. January was the lowest, with $1.5 billion.
ADV for Commodities in December 2022 reflects $1.4 billion amid the rising volatility in the market. Equities trading shot up in January to $219.7 billion. February 2023 saw a slight decline to $208 billion, only to bounce back the following month to $259.9 billion. ADV for equities stood at $11.3 billion in March 2023.
Source: https://www.cryptonewsz.com/saxo-banks-march-2023-report-shatters-records-best-month-since-2020/