Liquidity Term Structure

USD/HKD

Hourly liquidity profile

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• For USD/HKD, the average liquidity in recent market conditions is about double the average liquidity in pre-COVID market conditions.
• In the recent market conditions, the average liquidity for USD/HKD is highest after London fixing hour. This is different to pre-COVID market conditions when the highest average liquidity is observed around Tokyo close and London open.
• For USD/HKD, we observe a flattening of the recent liquidity curve at around 16:00 GMT i.e. London fixing hour, with liquidity being more equally distributed across London trading hours during this recent period.