Liquidity Term Structure

NZD/USD

Hourly liquidity profile

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.
Liquidity in NZD/USD also drops off sharply between 3:00 and 4:00 GMT (going into Sydney close) in the recent market conditions, relative to pre-COVID market conditions.
Liquidity in NZD/USD also drops off sharply between 15:00 and 16:00 GMT (going into London close and New York open) in the recent market conditions, relative to pre-COVID market conditions.
The difference in the liquidity scores could have been influenced by a significant increase in market impact between 21:00 and 22:00 GMT and a large increase in percent gross volume between 22:00 and 23:00 GMT. The model factors are explained on the methodology page.
In the recent period, the liquidity has generally improved, relative to the COVID peak period.