Mon 07-12-2020 19:55 PM
DUBAI, 7th December, 2020 (WAM) -- On the back of ongoing market volatility and major global events, the Dubai Gold and Commodities Exchange, DGCX, continued to register strong trading activity during the month of November 2020. DGCX’s G6 currencies portfolio continued its strong performance from the previous month, and markedly recorded a year-to-date (Y-T-D) growth of 364 percent as compared to the same period last year. Among the G6 currency pairs, The Australian Dollar Contract was the strongest performer, registering a Y-T-D volume growth of 4890 percent, which transitioned from a relatively small trading volume to the largest volume growth amongst other currencies.
There was also sustained momentum in DGCX’s Silver Futures product, which saw an impressive year-on-year (Y-O-Y) ADV growth of 230%, as the precious metal once more asserted its status as a reliable safe-haven asset.
Les Male, CEO of DGCX, said: "During the month of November, we recorded higher levels of trading activity particularly in our G6 Currency portfolio, as market participants looked to hedge their risk ahead of the US elections and the final leg of the Brexit negotiations. Renewed market sentiment brought on by the progress of COVID-19 vaccines was also a major contributing factor in market sentiment."
Additionally, DGCX registered the highest open interest in its Rolling FX Futures as well as Indian Rupee Weekly Futures Contract, since their respective launch dates. Both products continue to gather increased market participation.
"As we celebrate 15 successful years of supporting the UAE’s growth and Dubai’s position as an attractive trading hub, we are excited to soon strengthen our value proposition in 2021, and embark on our new three-year strategy; focused on delivering value and growing our member base," Male added.