On 26 March 2020, the Global Foreign Exchange Committee (GFXC) issued a statement on foreign exchange (FX) market conditions.
The statement explains that given the intense volatility seen in global financial markets, FX market participants may execute larger than usual FX volumes during end-of-month benchmark fixings. In addition, FX market participants may face more operational constraints reflecting lockdown in some financial centres. In light of these developments, significant volatility and price movements may be observed during FX fixings in the coming days.
The statement goes on to set out suggested actions for market participants to reduce the potential impact of this volatility on market functioning.