Pre-referendum G10 liquidity at its worst since SNB

Citi warns of highly illiquid market conditions as Britain goes to the polls

Hard going: Citi notes "whippy price actions"

Liquidity in G10 currencies has deteriorated to the worst levels seen since January 15, 2015, when the Swiss National Bank (SNB) removed its minimum exchange rate in the franc and caused a jump of almost 40% in EUR/CHF, according to a note from Citi.

The volatility comes ahead of Britain's vote on its European Union membership, spurring extremely high levels of uncertainty, which is causing liquidity providers to exercise caution when pricing.

"We have seen very whippy price actions during

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