October 12 is a holiday in several countries at once: Columbus Day in the US, Thanksgiving in Canada, Sports Day in Japan and the feast of Our Lady of Aparecida in Brazil.
In the US, banks and the bond market are closed today, and dollar transfers through systems like Fedwire are paused until Tuesday. Stock exchanges and interbank spot forex are trading, but there are usually fewer participants in the market, which means liquidity in USD pairs is thinner.
A thin market doesn't always mean spikes: sometimes it's just low participation and weak confirmation of the move. There's no important news on the calendar for today.
Track the data flow and real-time liquidity reaction through our app:
