TRADING activity in Singapore Exchange currency futures hit a record monthly volume of more than 2.6 million contracts traded in August, with an aggregate trading volume of US$143 million, boosted by macroeconomic volatility.
The boom represents a 22 per cent increase month-on-month, and 53 per cent year-on-year rise in the notional value traded in the month. This brings the total trading volume for 2019 thus far to US$870 billion, a substantial increase against the US$571 billion traded in 2018 during the same period. The cumulative volume for SGX currency futures between Aug 2 and Aug 5 exceeded US$32 billion. In particular, the USD/CNH and INR/USD Futures recorded a surge in trading.
Trading of the SGX USD/CNH futures crossed US$96.5 billion in August, with the average daily volume at US$4.39 billion. This comes on the back of the Renminbi breaching 7 for the first time in a decade, as trade tensions spiked between the US and China over tariffs. "The general momentum in trading of Renminbi futures at SGX has continued for a while - since May 6, trading has exceeded US$2 billion on every single day... and with four months still to go before the end of the year, year-to-date volumes have already exceeded US$603 billion against US$534 billion in full-year 2018," SGX noted in its market updates report.
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