Amid Continued Global Economic Uncertainty DGCX Volumes in G6 Currencies Surge in April
The Dubai Gold and Commodities Exchange (DGCX) persisted to see strong trading activity in April, with members more and more looking for to protect themselves against volatility and international monetary uncertainty. In light of persisted currency volatility and various views on the dollar as a safe haven, the DGCX previous month most remarkably recorded a surge in trading of its G6 currency portfolio, which registered year-on-year (Y-O-Y) quantity growth of 653.45%.
Among the G6 Currency pairs, Euro and British Pound Futures contracts have been the most prominent, recording incredible Y-O-Y ADV growth of 405.56% and 318.48% respectively.
Meanwhile, the DGCXs Gold Futures product continues to function strongly, and has now recorded year-to-date (Y-T-D) volume increase of 547.31% in contrast to the same duration previous year.
Les Male, CEO of DGCX, said: April was another incredibly busy and unstable month for international markets. Oil prices plummeted amid forecasts that demand will plunge this year, gold rates surpassed the $1,700 threshold once again, while the US dollar steadied or weakened against most main currencies, having formerly strengthened in the first quarter of this year. During these periods of uncertainty, markets such as the DGCX support the resilience of the international and regional economy by enabling investors and businesses to defend their positions towards price fluctuations. What we are seeing is actually unprecedented, and it has never been more essential for our tools and services to be available, and for markets to remain open and obvious to provide investors confidence.
Total volumes on the DGCX in April totaled 810,000 contracts, valued at USD 20.02 billion. The Exchange previous month additionally recorded Average Open Interest (AOI) of 246,080 contracts, bringing the AOI for 2020 to 347,955 contracts, up 20.42% from previous year.
The DGCX continues to operate normally throughout both the exchange and clearing house, and we continue to be dedicated to offering the vitally needed features of risk management and rate discovery in todays difficult environment, Male added.
