Liquidity Term Structure

NZD/USD

Hourly liquidity profile

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• In the recent market conditions, the average liquidity for NZD/USD is highest around London close and New York open. This is similar to pre-COVID market conditions.
• Liquidity in NZD/USD drops off sharply between 19:00 and 20:00 GMT (going into New York close) in the recent market conditions, relative to pre-COVID market conditions.
• We also notice an immediate and sharp drop in recent liquidity after London fixing hour (between 17:00 and 18:00 GMT), relative to pre-COVID market conditions.