More SGX FX futures traded in Nov amid surge in offshore yuan contracts

We’ll be curating stories from management guru John Bittleston and making them free to read.Early last month, reports of a phased rollback in tariffs as part of the phase-one trade deal drove up volumes in USD/CNH futures on SGX. In anticipation of the deal, the yuan fell below 7 against the US dollar, although this was not sustained due to concerns that discussions may be premature, SGX said.

About US$79.6 billion in USD/CNH futures on SGX were traded last month, climbing 38 per cent year on year. The average daily volume rose to US$3.79 billion in November, from US$3.02 billion a month ago. Open interest for SGX USD/CNH futures at the end of November was US$5.8 billion or 57,857 contracts, representing close to 70 per cent of the open interest across all exchanges with similar offerings, SGX noted.

Rupee markets saw low volatility and weak trading momentum, resulting in trading volume for SGX INR/USD futures totalling just above US$29 billion from 1.04 million contracts last month.Key indicators in India continue to point to a lacklustre economy, SGX noted. Industrial production fell 4.3 per cent in September, the lowest in almost eight years and lower than the estimated drop of 2.5 per cent.

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