November trading volumes were in line with October’s, but profits were disappointing continuing the pattern of the second half of this year. USD appreciated in the first few weeks of November leading to good profitability primarily in EURUSD, GBPUSD, and Gold. Index profitability was driven for the most part by the market selloff on the 26th.
*Average Daily Volume represents the daily volume from ISRA customers for each day of the month divided by the average daily volume for the month. Each day is represented as a percent of the average.
** Average Daily B Book PnL represents the daily B Book PnL from ISRA customers for each day of the month divided by the average daily B Book PnL for the month. Each day is represented as a percent of the average.
Source: IS Risk Analytics Database. Past Performance is not necessarily indicative of future results
The relationship between the US and China continues to be strained with the latest issue arising over the upcoming Olympic Winter Games set to be held next year in Beijing. The US has announced a full diplomatic boycott of the games while still allowing US athletes to compete. China has threatened “firm countermeasures” in response to the boycott, but the nature of the countermeasures is unclear at this time.
The resurgence of coronavirus cases across Europe is threatening to derail the continent’s economic recovery. Germany has announced a nationwide lockdown for unvaccinated persons and is considering making vaccinations mandatory for the entire population. They would join Austria and Greece as countries making the inoculations mandatory for at least some of the population and the European Union is considering doing so within the entire bloc.
In an effort to combat high gasoline prices, the United States announced a release of 50 million barrels of oil from its Strategic Petroleum Reserve, the largest release in US history. The release will be done in conjunction with similar efforts from other countries including the UK, China, India, and Japan. The oil is not set to hit the market until mid-December.