Retail currency trading volumes soar in Q3 as investors look to foreign exchange for returns
The Euro / US Dollar was the most traded currency pair on the dbFX.com trading platform in the third quarter of 2008, as trading volumes globally soar according to the latest figures from dbFX.com, the online FX trading platform from Deutsche Bank.
The Euro / US Dollar was particularly popular in the Middle East and North Africa where it accounted for nearly two-thirds of all trades on dbFX.com in the quarter. It was also the dominant currency in Europe, with four out of every 10 trades accounting for the currency pair.
Overall, dbFX.com has seen volumes soar in the last few months, as investors leverage volatility in the market for investment returns. In October alone, dbFX.com trading volumes were more than 200 percent higher than the 2008 monthly average – which themselves are more than doubled over the average month in 2007.
dbFX.com says the increase in volumes is largely due to the significant increase in trading of the Euro / US Dollar in the market (while trading on other currency pairs remained relatively stable) a trend that has been widely followed by retail customers.
The Euro / US Dollar accounted for:
- 58 per cent of all trades in the Middle East and North Africa (MENA)
- 39 per cent of all trades in Europe
- 29 per cent of all trades in the Americas
- 29 per cent of all trades in Asia Pacific
The second most popular currency pair in Europe was the Pound / US Dollar, which accounted for 19 per cent of all trades on the platform. This currency pair was also the second most popular pair in Asia Pacific (19 per cent); MENA (16 per cent), but not in the Americas where it was pushed into third by the US Dollar / Japanese Yen (27 per cent).
Commenting, Betsy Waters, Global Director of dbFX for Deutsche Bank, said: “The latest volume figures indicate that our clients are looking to FX more and more as a driver of investment returns as they take advantage of volatility and growth prospects in the equity and bond markets diminish.
“It’s also clear that clients are attracted to currencies, such as the Euro / US Dollar and Pound / US Dollar which offer the tightest spreads. We’re also seeing an increasing number of queries from people who want to trade FX and who want to trade with a platform that has strong financial backing, such as dbFX.com, which is supported by Deutsche Bank. Big most certainly seems to be better at the moment.”
Launched in 2006, dbFX.com is available in multiple languages, has 34 currency pairs and is accessible in more than 70 countries around the world. It brings the benefits of Deutsche Bank’s award winning expertise in foreign exchange to clients, with Deutsche Bank ranked the No. 1 Foreign Exchange Bank in 2008 by Euromoney magazine for the fourth year running*.
The platform can be accessed at: www.dbfx.com
* Euromoney Foreign Exchange poll 2008
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About Deutsche Bank
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 81,308 employees in 75 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.