Fti, after some hesitation, I'm going to risk looking stupid trying to clear a doubt but I suddenly felt encouraged by your last reply to sutivserv. Sometimes the FX market looks like a videogame played by the market maker(s). Seems like they don't even need a real market to move prices. If they can quote then they can afford to move price to wherever they want at any time. They will just stumble upon the market (orderbook) and they will choose whichever action makes a profit in their books. I am not judging them in any way, just trying to correctly guess what happens behind the scenes. When there is hot news coming into the market everyone talks and advises to stay away for a while but that is exactly when the market goes crazy. How could that be the case if market were supply/demand driven? In the shortage of buyers and sellers, who is moving the market? Big retail/institutional players accepting terrible spreads/slippage/execution? Not likely, imho. And there are times (no matter if the "liquidity" is high or low) in which the market goes absolutely crazy out of nothing. There seems to be no chance that these moves are produced by brokers' clients orders, I believe it is just a videogame played inside the banks' computers. Am I terribly wrong, being ridiculous? If this question is not well suited for a public forum I apologize and beg you to disregard it.