International forex brokerage Alpari has reported its total trading turnover for August 2017. Jolted by escalating volatility across markets and a steady erosion of the USD, the group registered a healthy gain on a monthly basis en route to its highest figure of H2 2017.
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August 2017 was characterized as a highly active month, especially when weighed against normal seasonal lulls that afflict markets during the month of August. Tensions in North Korea were ratcheted up, which helped spur markets and several currency movements into safe havens. By extension, the USD continued its decline to multi-year lows against key majors, creating a highly dynamic market environment.
The total turnover in August 2017 at Alpari was reported at $120.8 billion, easily beating its July 2017 figure of just $106.1 billion – this was good for a growth of 13.8 percent on a month-over-month basis. The aforementioned factors were paramount drivers of the group’s volume, which has seen its turnover edge higher in consecutive months.
Looking deeper into August 2017, the five currency pairs with the highest trading turnover were the EURUSD, GBPUSD, USDJPY, XAUUSD, and USDCAD. The EURUSD rose to two-year highs as the dollar found itself under siege for much of the month, which itself saw its respective turnover rise 35 percent month-over-month in August.
Meanwhile, Brexit ongoing negotiations and setbacks continued to see movement on the GBPUSD front, while the increased activity in the USDJPY and XAUUSD were largely safe haven plays that were beneficiaries of stoked fears in the Korean Peninsula.
The latest results from Alpari represent a hurdle of the year’s slowest trading period, also building off a strong H1. The group recently posted strong H1 results, having now seen its momentum carry into August. With the traditionally slow summer months now behind us, turnover is likely to see an even more pronounced move this fall. A recovery of the USD could and unwinding of North Korean tensions could also come into play across markets.