What Happened at the Month-End Fix? An occasional question ov | ACI Russia

What Happened at the Month-End Fix?

An occasional question over the data published by The Full FX for every month-end Fix is that the overall savings are often boosted by activity in relatively minor currencies – this is refuted by the latest monthly data where not only were there decent savings across the board, but with the exception of the NZD, the major currencies all offered savings above the median.

In broader terms, however, it was a quieter than usual month-end for the FX markets in terms of the market impact of pre-hedging flows. The potential saving from using a 20-minute window was $429 per million against using a calculation based upon the WM five-minute window, this is considerably lower than the 23-month average of $717.43 per million since The Full FX started publishing this data.

As noted, however, the three major currency pairs, EUR/USD, USD/JPY and Cable, all had savings in excess of the average, EUR/USD being $509 per million, USD/JPY $440 per million, and Cable $537 per million.

https://thefullfx.com/what-happened-at-the-month-end-fix-16/