Читать книгу Currency Trading For Dummies - Kathleen Brooks - Страница 38

The Chicago Mercantile Exchange (CME), one of the largest futures markets in the world, offers currency futures through its International Monetary Market (IMM) subsidiary exchange. A currency futures contract specifies the price at which a currency can be bought or sold at a future date. Daily currency futures trading closes each day on the IMM at 2 p.m. central time (CT), which is 3 p.m. ET. Many futures traders like to square up or close any open positions at the end of each trading session to limit their overnight exposure, or for margin requirements. Currency futures are covered in Chapter 14.

The 30 to 45 minutes leading up to the IMM closing occasionally generate a flurry of activity that spills over into the spot market. Because the amount of liquidity in the spot currency market is at its lowest in the New York afternoon, sharp movements in the futures markets can trigger volatility in the spot market around this time. There’s no reliable way to tell if or how the IMM close will trigger a move in the New York afternoon spot market, so you just need to be aware of it and know that it can distort prices in the short term.