Forex Deposits In The US Bounces Back To Records Highest Levels In A Year

The retail Forex deposits in the US have retained strong momentum after two months of shortfall. This is the highest figure in over one year. The summer season on the crypto market has not affected the volatility levels in the market. Traders have been encouraged to participate more in everyday transactions.

Institutional Forex Volumes Also Surged Considerably

Data from the Commodity Futures Trading Commission (CFTC) shows that FX deposits in the US reached $558 million in June. This represents a 1.8% growth rate compared to the figures the previous month. It shows a nominal surge of nearly $10 million, which is a record in over a year.

The figure for June last year also shows a major difference. The FX deposits at the time were $511 million, which was 10% short compared to the figures this year. The institutional forex volumes from top players like CME Group, also align with the data from last year. FX volumes in June 2024 grew by 25% for CME Group, as the company took advantage of the global currency market volatility.

The foreign exchange market is seeing a lot of changes and activities, especially in terms of carry trade. Investors are keenly watching the market and observing the changes before they stake their funds. The Swiss franc and the Japanese yen are getting a lot of attention as the economic outlook suggests that the currencies could make a significant run.

OANDA Is Making Gains In The Industry

Gain Capital is still the leader when it comes to FX deposits, which is more than $225 million. However, OANDA is catching up quickly. Gain Capital did not record any gains in June as the amount of FX deposits shrank slightly by 0.2% month-over-month.

IG US recorded the largest capital growth, jumping to $64.3 million and representing a 5.2% growth. But OANDA recorded the biggest nominal increase by $6 million to $193 million, representing a 3.1% rise. If OANDA continues this surge, it might unseat Gain Capital in the pole position.

The forex industry in the US has a strong regulation. The CFTC is overseeing the transparency and financial health of the industry. The regulator receives financial reports from firms in the industry monthly. The report usually includes vital financial indicators that will guide investors when making important investment decisions.