Liquidity Term Structure

EUR/USD

Hourly liquidity profile

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• For EUR/USD, the average liquidity in pre-COVID market conditions is about double the average liquidity in recent market conditions.
• In the recent market conditions, the average liquidity for EUR/USD is highest around London close and New York open. This is similar to pre-COVID market conditions.
• We notice an immediate and sharp drop in recent liquidity around Sydney open (between 21:00 and 22:00 GMT), relative to pre-COVID market conditions.