FXSpotStream released its trading metrics for June 2023 today (Monday), reporting its second consecutive month of growth in total trading volume following a significant dip in April. Last month, the total volume recorded by the New Jersey-based provider of multibank price streaming services for FX spot and swaps, climbed by 9% month-over-month (MoM) to $1.39 trillion, rising from $1.28 trillion generated in May.

FXSpotSream Fails to Break Above March Peak

In the latest figure, FXSpotStream reported an increase of 13.5% in its average daily volume (ADV). This is as the daily average rose from $55.5 billion in May to approximately $63 billion last month.

Earlier in May, the total volume had risen by 14% MoM to $1.28 trillion, with the daily average increasing marginally by 0.4% to $55.5 billion. These figures trailed 28% and 17.2% decreases in total volume and ADV, respectively, recorded in April.

However, while FXSpotStream’s latest total monthly and daily average volumes represent a two-month high, they failed to break above the best performance recorded so far this year: $1.54 trillion in total volume and $66.8 billion in daily average, which were posted in March.

FXSpotStream’s volumes jumped during the first three months of 2023, only dropping for the first time in April, Finance Magnates reported.

Spot FX Market Rises for 2nd Month in a Row

Meanwhile, the two-month consecutive increase in spot FX volume is not unique to FXSpotStream, whose European arm recently grew its net profit by 34%. According to the latest data from Cboe FX Markets, Deutsche Börse's 360T, and Tokyo Financial Exchange's Click365, the demand for institutional forex trading rebounded in June for the second consecutive month, despite a lower number of trading days compared to May.

In terms of total volume, while Cboe FX generated $965.4 billion, 360T’s came in at $537.2 billion. On the other hand, Click365 posted a trading volume of 28 million contracts, translating to an MoM growth of 10.4%.