After a relatively quiet start to the month, the second half of July brought strong profits for brokers, allowing most to far exceed the results seen in June. Although volumes were only up marginally from the prior month, revenues were robust because of broad-based USD selling and the late month rally in metals. By the beginning of August, metals had reached all time highs and EURUSD was at a level not seen for 16 months.
June profits and volumes were front-loaded with the bulk of PL in the first 10 days of the month, primarily due to broad-based USD selling. Profitability in that period was focused in EUR and JPY pairs, along with indices and gold. Mid-month activity was relatively flat, but the month finished well primarily because of the continuation of the gold rally. Overall, both profits and volumes recovered well from the lows seen in May.