Saxo Bank, a Danish investment bank specializing in online trading and investment, has reported a 40% increase in its total monthly forex volume in March 2023, reaching $155.5 billion. This marks a reversal of the three-month drop in the bank’s forex volume. The daily average forex volume (ADV) also followed a similar pattern, dropping in November 2022 before rising in February and further increasing by 24% in March. Trading volumes in other asset classes have also shown different patterns, with commodities and equities trading increasing while fixed income volumes remained static in January before increasing in February and skyrocketing in March. Overall, Saxo Bank’s monthly volume in March 2023 rose 34% to $482.1 billion, marking the bank’s best monthly volume since March 2020. In 2022, lower trading activities bit 6% into Saxo Bank’s profit despite a record-high number of clients.
