A significant drop in turnover on the FX market in July
Forex volume
ECN platform reports such as Hotspot FX and Fast Match FX show that in July there was a clear drop in turnover on the currency market. In the case of Hotspot FX this decline amounted to 9% in relation to June, and the average daily volume was at the level of 26,2 billion USD.
Meanwhile, in Fast Match, the volume fell by a whopping 21% and the daily average turnover was USD 12,9 billion.
The decrease in interest in the Forex market can be seen primarily in the holidays, which are called the "cucumber stock market". Another significant factor is BREXIT, which took place on June 24. On that day, the volume was huge, and this raises the benchmark for comparing the following months. Additionally, after the UK referendum, a significant drop in volatility was noticeable and this state of affairs is likely to continue for the next month.