The most illiquid time of the day in the FX market is the two-hour period just after the NY close when Australia and New Zealand are pretty much on their own. If you see some sharp 10/15 pip spikes in any currency pair during this time, then its probably an Algo fund trying to push the market around for a very short-term profit. They usually pick on more illiquid pairs like cable and USD/CHF, as all bullies like to pick on weaker opponents.
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