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FP Markets, the Australian forex and CFD broker, boasted it has recorded strong forex trading volume in April, amid a volatile market.
According to Daniel Bent, head of forex at FP Markets said the total forex trading volume rose 6% month-on-month, while the Aussie dollar stood its ground between the .7500 – .7800 cents in April. “We saw some healthy flows of trade on the Aussie on the back of its strength last month,” Bent said.
In his words other popular forex pairs were the EUR/USD, GBP/USD and USD/JPY.
In April FP Markets reported double digit growth of its forex trading volumes 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. “In February alone, we saw about 60% increase in funded accounts on a year-on-year basis.”
The FP Market analysts note that the April trading volumes growth was driven by uncertainty in commodity markets, particularly in oil and iron ore prices fluctuations, which affected the Australian dollar as a commodity bloc currency. It was also affected by the strong US dollar.
Meanwhile, in the beginning of may the Australian dollar saw some massive falls, driven by the decision of the Reserve Bank of Australia to cut interest rate. This, along with the attempts of the global central banks to support their own currencies, would likely fuel the volatility.
“We could still expect some volatility in the coming months due to a number of factors including commodity prices and monetary policy adjustments globally,” Bent said.
FP Markets (First Prudential Markets) is an investment company based and regulated in Australia by the Australian Securities and Investments Commission (ASIC). It offers over-the-counter (OTC) and exchange traded derivative products including direct market access (DMA), CFDs, forex and global futures contracts to its retail and professional client base.
It provides trading on the MetaTrader 4 and its proprietary trading platform FP Live for CFDs, as well as the IRESSTrader – a browser based fully dynamic trading platform. The minimum required deposit is $1000 and the leverage is up to 1:500.