Why are exchange rates fixed for prolonged periods of time?
Sometimes I see the following pattern when observing the history of an exchange rate:
That is for several days the exchange rate becomes constant. What causes this?
My best guess is that some powerful entity, such as a central bank or a major investment fund willfully maintains a certain level by automated trading.
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FX markets trade 24 hours a day during the week, but not at weekends. Perhaps there's a small amount of after-hours or off-market activity, but broadly there wouldn't be much activity between 2200UTC on Friday (21st Nov on your plot) and 2200UTC on Sunday (23rd Nov on your plot).
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