Unusual price movements in the FX markets

Abnormal moves in currencies shortly before the calculation of daily benchmarks are bumping up costs for investors and could even suggest that high-speed traders are trying to manipulate exchange rates, according to Raidne, a market surveillance company.  Since the start of March, Raidne says, the Australian dollar, sterling and the euro have started to behave oddly in the run-up to London’s so-called 4pm fix — the most commonly used benchmark in foreign exchange, run by WM/Reuters. The fix is a five-minute period of trading used to calculate daily exchange rates that underpin a huge range of transactions.