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GFXC meeting discusses impact of coronavirus (COVID-19) on FX market

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Published on: 23 June 2020

Published by LNB News

LNB News 23/06/2020

Document Information

Issue Date: 23 June 2020

Published Date: 23 June 2020

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Article summary

The Global Foreign Exchange Committee (GFXC) met by teleconference on 22 June 2020 to discuss market conditions and the impact of the coronavirus (COVID-19) pandemic. Members agreed that the experience following the outbreak of COVID-19 was qualitatively similar to what occurred in previous severe market crises: spreads widened, volatility increased sharply, liquidity deteriorated for both spot and swap markets, and funding costs surged in many currencies.

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