Is oanda.com data trustworthy?
Does Oanda provide an indication of how the closing price in a market that never closes is computed ? I think it would be best to use quotes/trades at the most liquid time of the day (for EUR/USD around a.m. EST) if available.
Ajay Narottam Shah wrote:
But as you know, FX markets operate 24hrs, and are broker-based implying that there will be a) different quotes throughout the day and no "final" one and b) different sources may well disagree about quotes at one point [ though arguably not by the margin you show there ]. Oanda may report London fixings whereas the US Fed probably calls up US banks and end-of-day US time.
I was aware of the 24hour issue. I thought it may lead to some clear leads and lags. Read on.
As for the question above, maybe time to test some Granger causality between Oanda and the FED sources. :-)