Our first peek at July forex trading volumes looks good.
Leading Japan retail forex broker GMO Click has announced that July forex volumes totaled ¥107.2 trillion, or $1.07 trillion during the month. That’s basically flat as compared to June’s ¥106.2 trillion, when GMO topped the $1 trillion dollar mark for the first time.
While we seem to be getting used to these huge numbers from Japanese forex brokers, they truly are incredible — by comparison, GMO did just ¥24.1 trillion ($309 billion) in forex volume last July, and even less than that in August and September. The quantum leap in Japanese retail forex trading during 2013 cannot be overstated.
We’d also note that the normally slow forex trading summer season doesn’t seem to have taken hold this year. With volatility remaining high and traders remaining cautiously optimistic, volumes seem to have held up in at least the first half of the summer. We should learn more as other retail forex brokers and forex ECNs report their July volumes in the coming days. Stay tuned to LeapRate….