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FP Markets reports solid volume of trades in first quarter 2016

Announcement posted by Profile Booster 13 Apr 2016

13 APRIL 2016: SYDNEY – Australian CFD and FX provider FP Markets has reported a double digit growth on its FX volume for the first quarter of 2016.

“The first quarter has been very good and positive for us in terms of trading volume and value,” said Daniel Bent, Head of FX at FP Markets.

“In February alone, we saw about 60 per cent increase in funded accounts on a year-on-year basis. This means that even though the market is competitive, we have room to grow and we are focused on delivering more growth,” Bent added.

The growth in FX trading volume came amidst the volatility in global currency markets. Central bankers – including Bank of Japan and the European Central Bank – have resorted to negative interest rates in their effort to weaken their respective currencies and to stimulate growth.

The US Federal Reserve has also signalled it may hold on to a lower interest rate this year.

“We are seeing a lot of intervention (from central bankers) and traders are taking advantage of these high impact events that move the markets,” Bent said.

According to Bent the EUR/USD and the AUD/USD pairs remain the favourite and most heavily traded currencies among FP Markets traders.

“Looking ahead, we will continue to see monetary policy as a big factor in the global FX market. Domestically, we may also see heavy trading on the Aussie dollar due to the fluctuations in oil and other commodities,” Bent said.

He also said the real key in the FX markets at the moment is the USD Index valued in the lower part of the 12-month range and looking vulnerable to further weakness.

“This will be the theme for the coming months for global currencies in the face of the recovering commodities markets,” Bent said.


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