[323]

This is a unique situation. Spot is closed, you are looking at CME futures, which would not usually move since the underlying spot market is closed. So few people capable of doing this arbitrage would bother.

[kasey_junk]

There is no such thing as a fx spot market. All fx is done directly with the counterparty.

That said most of those counter parties are closed because they trade in Europe & the US.