FX Liquidity Snapshot: June 2026: FX liquidity rebounds further

研报英文原文证据摘录

FX Liquidity Snapshot: June 2026: FX liquidity rebounds further

Deutsche Bank

Research

Global Foreign Exchange Date

2 July 2026

FX Liquidity

Snapshot

June 2026: FX liquidity rebounds further

Rohini Grover, Ph.D.

Liquidity conditions remained strong in June across inter-dealer platforms for the

Strategist

majority of currency pairs, supported by subdued FX volatility and the unwinding +44-20-75475907

of geopolitical risk premia following the recent de-escalation in global tensions. Our

liquidity scores point to a continued recovery in market conditions, with G10 Christabel Charles

Research Analyst

liquidity rising by around 5% and EM liquidity increasing by nearly 4%. This

improvement was primarily driven by greater market depth—particularly

pronounced in EM currencies and more modest in G10—as well as tighter top-of-

the-book spreads across the board. In G10, a notable additional tailwind came from

lower trade impact, indicating that prices became less sensitive to order flow. This

suggests improved market resilience and a greater capacity to absorb trading

activity without generating significant price disruption.

Within the G10 FX complex, USD/JPY recorded the strongest improvement in

liquidity, with conditions strengthening by nearly 22%. The improvement coincided

with the pair trading at multi-decade highs, supporting elevated market activity.

Despite this recovery, liquidity in USD/JPY remains approximately 25% below its

pre-pandemic level. Elsewhere, EUR/USD, EUR/SEK, NZD/USD, and GBP/USD

maintained broadly moderate liquidity conditions, while EUR/NOK and USD/CAD

recorded marginal gains. In contrast, AUD/USD experienced a modest decline in

liquidity. Among emerging market currencies, EUR/HUF stood out with a