Big move in the Australian dollar

Big move in the Australian dollar

I don't see any headlines behind this crazy move.

You don't often see 120 pip moves like this. It's like a fat finger, but that doesn't happen in FX.

We're coming up to the London fix so it could be something around that.

I'm struggling for answers about what's going on here but this isn't a properly functioning market.

Here's a look at AUD/JPY, which has given back 60% of the move but not all of it.

fx

Update: I think this is some kind of liquidity problem. If you zoom in on the moves, it wasn't a single order that overwhelmed the market. You can see the bid build over 5 minutes starting at 1445 GMT and then it just overwhelms the sellers. If there's no one out there making a market in FX, you have to wonder about every other market in the world. The fix is clearly a factor here but this should never happen.