Chart of the Week03 Jul 2025
FX market liquidity sees no ill effects from geopolitics

In keeping with a more subdued tone to volatility and more buoyant risk conditions, FX market liquidity continues to improve. This chart plots a rolling weekly measure of the size of order books for aggregates of the most liquid G10 and EM currency pairs. Despite significant uncertainty and geopolitical risk, the depth of book in EM is at the strongest levels of the last year, with each individual pair also reading above its median.

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