Liquidity Term Structure

USD/ZAR

Hourly liquidity profile

In the recent market conditions, the average liquidity for USD/ZAR is highest a few hours into the London session. This is different to pre-COVID market conditions when the highest average liquidity is observed around London close and New York open.
Liquidity in USD/ZAR drops off sharply between 21:00 and 22:00 GMT (going into New York close) in the recent market conditions, relative to pre-COVID market conditions.
The difference in the liquidity scores could have been affected by a significant increase in market impact between 22:00 and 23:00 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.
There was a sustained and significant change in market impact between 21:00 and 1:00 GMT.
In the recent period, the liquidity has generally improved, relative to the COVID peak period.