Liquidity Term Structure

USD/HKD

Hourly liquidity profile

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.
We notice an immediate and sharp spike in recent liquidity around Tokyo open (between 0:00 and 1:00 GMT), relative to pre-COVID market conditions.
The difference in the liquidity scores could have been influenced by a significant increase in market impact between 23:00 and 0:00 GMT. The model factors are explained on the methodology page.
There was a sustained and significant change in market impact between 20:00 and 0:00 GMT.
In the recent period, the liquidity has generally improved, relative to the COVID peak period.