MetaTrader 4
Vertex FX 10

Quiet day of trading (MLK Day)

Today is a US public holiday (Martin Luther King Day), with minimal economic announcement and certain US markets closed, trading volumes and liquidity are lower. 

Last week was a watershed moment for modern foreign exchange trading. The surprise move by the Swiss National Bank (SNB) to remove the EURCHF currency floor (1.20) shocked markets. The SNB has lost its credibility with investors, who feel betrayed by the sudden alteration in policy. The SNB has allowed the Swiss Franc to appreciate, and increased the negative deposit rate to 0.75%.

Following the SNB’s announcement traders were caught on the wrong side of near 40% appreciation of the Swiss currency in a matter of minutes.

CHF Spreads

The aftermath of Thursday black swan, trading spreads for Abshire-Smith’s direct market access accounts for CHF spreads are wider. Liquidity providers are more cautious following the unprecedented level of volatility at the end of last week and pricing accordingly.  

The fixed spreads on our MetaTrader 4 and VertexFX 10 trading accounts remain unchanged. 

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