Spread During News — Measured Minute by Minute | Kenya 2026
What the latest major release actually cost on FxPro’s Raw+ feed, tick by tick: EUR/USD all-in about $43 per lot at the peak vs $9 quiet — ×5 for a few seconds. The bigger hazard was the 4.0 s quote gap: news slippage lives in that silence, not in the spread. Window: CPI, Core CPI n.s.a. m/m, CPI y/y, Core CPI m/m — 11 Sep 2026, 15:30 EAT.
Open FxPro Account →A release does not change what FxPro charges; it changes what the charge is worth. The commission on Raw+ and cTrader stays at $3.50 per lot per side through the busiest minute of the year, and the overnight swap still posts at the daily rollover. The spread is the part that moves, and for a few minutes it can multiply, which means the same order size takes several times as much out of the balance as it would at midday. For an account funded near the $100 minimum, that is the real question about trading a release: not the direction, but what the entry itself costs.
CPI, Core CPI n.s.a. m/m, CPI y/y, Core CPI m/m — 11 Sep 2026, 15:30 EAT
| Instrument | Quiet spread (pips) | Peak at release | All-in at peak | Peak vs daily range | Peak hits after | Longest quote gap | Back to normal |
|---|---|---|---|---|---|---|---|
| EUR/USD | 0.2 | 3.6 (×18.0) | $43/lot | 8% | 1 s | 1.1 s | 197 s |
| GBP/USD | 0.6 | 19.9 (×33.2) | $206/lot | 37% | 1 s | 2.2 s | 1 s |
| AUD/USD | 0.4 | 7.2 (×18.0) | $79/lot | 17% | 1 s | 1.2 s | 2 s |
| USD/CAD | 0.4 | 7.2 (×18.0) | $59/lot | 11% | 1 s | 1.9 s | 1 s |
| USD/JPY | 0.3 | 17.2 (×57.3) | $118/lot | 12% | 1 s | 1.0 s | 197 s |
| XAU/USD (Gold) | 15 | 150 (×10.0) | $157/lot | 1% * | 1 s | 4.0 s | 1 s * |
Definitions: quiet spread = median of the 15 minutes before the release; peak = widest single quote after it. All-in = peak spread × pip value + $7 round-turn Raw+ commission ($3.50/side, 1 lot) — quiet EUR/USD all-in is $9 ($2 spread + $7 commission). Peak vs daily range = peak spread as a share of the instrument’s average daily range. Back to normal = first quote under 1.5× the quiet median. * Gold always runs wide relative to FX, so its share of daily range is small and it “recovers” almost instantly by this measure. Times in EAT.
What printed
| Release | Actual | Forecast |
|---|---|---|
| CPI | 334.131 | 331.699 |
| Core CPI n.s.a. m/m | 0.3 | — |
| CPI y/y | 3.4 | 2.7 |
| Core CPI m/m | 0.3 | 0.2 |
| CPI m/m | 0.4 | 0 |
Values as published by the platform calendar feed (its own scale — e.g. payrolls in thousands).
Execution reality: the gap, not the spread
In this window the feed went quiet for up to 4.0 s on one instrument — roughly 47× the measured order round-trip. A market order sent into that silence fills at the next real quote, wherever it prints: that gap — not the spread — is where news slippage lives.
| Instrument (1.00 lot) | Order round-trip | Avg slippage | Worse-side fills |
|---|---|---|---|
| EUR/USD | 89 ms | +0.0 pt | 0/3 fills worse |
| GBP/USD | 88 ms | +1.0 pt | 2/3 fills worse |
| XAU/USD (Gold) | 83 ms | +9.7 pt | 2/3 fills worse |
Order latency and slippage measured with real orders in a CALM market — a news-time fill inherits the quote gaps above on top of this baseline.
All six instruments, minute by minute
Each cell is the average spread of that minute as a multiple of the quiet median — the instant peaks in the table above are single quotes inside minute 0, so a ×4 minute average and a ×18 instant peak describe the same event.
| Minute vs release | -3 | -2 | -1 | +0 | +1 | +2 | +3 |
|---|---|---|---|---|---|---|---|
| EUR/USD | ×3.0 | ×3.0 | ×3.6 | ×3.5 | ×3.0 | ×3.0 | ×1.6 |
| GBP/USD | ×1.5 | ×1.5 | ×2.1 | ×2.5 | ×1.7 | ×1.5 | ×1.2 |
| AUD/USD | ×1.4 | ×1.5 | ×2.5 | ×2.5 | ×1.9 | ×1.6 | ×1.0 |
| USD/CAD | ×1.5 | ×1.6 | ×2.8 | ×3.2 | ×2.2 | ×2.0 | ×1.1 |
| USD/JPY | ×2.3 | ×2.5 | ×6.5 | ×6.5 | ×3.6 | ×3.5 | ×1.6 |
| XAU/USD (Gold) | ×2.3 | ×2.4 | ×3.1 | ×4.1 | ×2.1 | ×2.2 | ×1.4 |
Tick density across instruments ran ×1.0–×2.1 the usual rate in the release minute; everything is flat again by about +2 minutes.
Honest context: news vs the daily rollover
| Instrument | This release peak (pips) | Worst daily hour (rollover) | Which is worse? |
|---|---|---|---|
| EUR/USD | 3.6 | 9.5 | rollover is worse |
| GBP/USD | 19.9 | 15 | the release is worse |
| AUD/USD | 7.2 | 25 | rollover is worse |
| USD/CAD | 7.2 | 13.6 | rollover is worse |
| USD/JPY | 17.2 | 16 | the release is worse |
| XAU/USD (Gold) | 150 | 175 | rollover is worse |
On several majors the everyday rollover hour is wider than a top-tier release — one more reason the quote gap, not the spread, is the real news risk.
Stops that survive the spike
FxPro’s measured stops level is 0 points on all six instruments — stops and straddle orders can sit at any distance. The practical floor during a release is the spread itself: at this print an EUR/USD stop closer than about 5.4 pips could have been filled by the spread alone, with price effectively unmoved, and a gold stop inside 225 points ($2.25) was equally exposed. The 1.5× buffer over the measured peak covers the post-peak chop before quotes settle.
Every release we have measured (87 windows since Jul 2026)
| When (EAT) | Ccy | Release | Actual vs forecast | Biggest widening | Recovery |
|---|---|---|---|---|---|
| 11 Sep, 15:30 | USD | CPI, Core CPI n.s.a. m/m, CPI y/y | CPI: 334.131 vs 331.699 f'cast; Core CPI n.s.a. m/m: 0.3 | USD/JPY ×57.3 | 197 s |
| 10 Sep, 20:00 | USD | 30-Year Bond Auction | 30-Year Bond Auction: 5.308 | AUD/USD ×2.0 | 0 s |
| 10 Sep, 15:30 | USD | Initial Jobless Claims, PPI m/m | Initial Jobless Claims: 206 vs 211 f'cast; PPI m/m: 0.4 vs -0.3 f'cast | EUR/USD ×11.5 | 67 s |
| 10 Sep, 15:15 | EUR | ECB Interest Rate Decision, ECB Deposit Facility Rate Decision | ECB Interest Rate Decision: 2.65; ECB Deposit Facility Rate Decision: 2.5 | EUR/USD ×4.5 | 28 s |
| 9 Sep, 20:00 | EUR | ECB President Lagarde Speech, 10-Year Note Auction | 10-Year Note Auction: 4.834 | AUD/USD ×2.0 | 2 s |
| 6 scheduled speeches / quiet events (BoE Governor Bailey Speech, BoJ L Money Stock y/y, ECB Monetary Policy Press Conference, ECB President Lagarde Speech) | no measurable reaction (<×1.5) | — | |||
This history grows automatically: every high-impact release is captured once and kept.
How this was measured
- Release times come from the platform’s economic calendar (high-impact only).
- For every release, all ticks 15 minutes either side are pulled from FxPro’s own MT5 feed and reduced to a per-minute spread curve.
- Recovery = first quote after the peak back under 1.5× the quiet median.
- Figures refresh on a schedule and vary release to release.
Which of your costs a release can actually move
Three charges sit between your deposit and your payout, and only one of them reacts to news. The commission on Raw+ and cTrader is fixed per lot per side, so it is identical in the calmest hour and in the loudest minute. The overnight swap is set per instrument and posted at the daily rollover, so a release in the middle of the EAT afternoon never touches it. The spread is variable by definition, and the measured windows above show what that means in practice.
That leaves an unusually clean way to plan. Everything except the spread can be worked out the day before, in cash, for the exact size you intend to trade. The spread is the only unknown, and the table above turns it from an unknown into a range this feed has already recorded. Sizing to that range is a money decision that costs nothing to make and can be made calmly.
The second thing a release moves is not a charge at all: the distance between the price you clicked and the price you got. Nobody deducts it, but it lands in the same balance, and in the measured windows it has been the larger of the two effects. See trading conditions for the order rules behind a fill and spreads for the quiet-hour baseline.
What a spike costs an account funded near the minimum
Scale the arithmetic down and the picture changes. An account holding a few hundred dollars is not trading standard lots; at 0.01 lots each EUR/USD pip is worth about $0.10, so even a spread several times its usual width is measured in cents rather than dollars. The hazard for a small balance is almost never the cost of one entry. It is the position size chosen because that cost looked small.
Free margin is the line to watch instead. A widened spread marks open positions further into the red on paper the instant it appears, and the margin level moves with it. Nothing has been charged and nothing has been realised, but the account has less room, and the closer it was to its margin call the less room it had to begin with. See margin for how much a position reserves before any of this starts.
The practical answer is to fix your size and your stop before the release rather than during it, and to accept that a stop sitting inside the range of the spike is a stop the spread can reach on its own. None of that requires predicting the number. It requires knowing what the entry costs and what the balance can carry.
The market minute and the payment day are different units
Everything measured on this page happens inside a minute or two. Everything about funding an account from Kenya happens in business days: an international bank wire takes 3 to 5 of them, a payout is processed 24/5 and usually within one business day, and verification has to be complete before that payout moves at all. The two timescales never meet, which is why a release is never a reason to hurry a transfer.
It is a reason to have finished one. An account that is verified, funded and with the balance already moved from the FxPro Wallet into the trading account has nothing left to arrange when a number prints. An account that is still waiting on a wire has a decision it cannot act on, and the temptation is to fund by a faster route that may not be the one you want to be paid out on later.
The route out is the part that punishes haste. A withdrawal returns by the method the deposit arrived on, so a card used once because it was quick is the card your payouts will use afterwards. Nothing in a release window is worth locking that choice in — see ask the team if you want the funding options checked before you commit to one.
Working a release from the money side
- Look up the release time in EAT the day before, not on the day.
- Work out your fixed costs for the size you intend: $3.50 per lot per side on Raw+ or cTrader, or nothing beyond the spread on a Standard account.
- Read the widest measured spread for your instrument in the windows above and treat it as the entry cost you might pay, not the one you hope to.
- Size the position so that cost stays a small fraction of the move you are trading for, and place the stop outside the range this feed has already recorded.
- Check free margin before the release rather than after, remembering that a wider spread reduces it without anything being charged.
- If the numbers do not work at your size, sit the release out. Nothing on the money path requires you to trade it.
CFD trading carries a high risk of losing money. Measured windows describe what happened, not what will happen next.
Cost lines around a release: which move and which do not
| Cost line | Behaviour during a release | Who sets it | What you can do beforehand |
|---|---|---|---|
| Spread | Widens, sometimes for only seconds | The market | Size for the widest figure this feed has measured |
| Raw+ or cTrader commission | Unchanged at $3.50 per lot per side | FxPro | Calculate it exactly for your size |
| Overnight swap | Unchanged; posts at the daily rollover | FxPro, per instrument | Count nights, not releases |
| Fill against the clicked price | Can gap while quotes are moving | The market | Prefer orders you set in advance |
| Free margin | Falls as wider quotes mark positions further out | Your position size | Leave room before the release, not during it |
| Deposits and payouts | Unaffected | FxPro and your provider | Nothing; the money path is untouched by news |
Charges are as FxPro states them; the spread and gap behaviour is what our own measurement recorded in the windows above.
Two timescales on one account
| Event | Unit of time | Can it be rushed | What to do in advance |
|---|---|---|---|
| Spread widening at a release | Seconds to minutes | No | Size for the widest measured figure |
| Quotes returning to normal | Minutes | No | Wait rather than chase |
| Card or e-wallet deposit | About 10 minutes | Already the fast route | Use it only if it is also your payout route |
| International bank wire | 3 to 5 business days | No | Fund well before the week you intend to trade |
| Verification | Usually same-day | Not reliably | Clear it before the first deposit |
| Withdrawal | Usually within one business day | No | Request on the same method you funded with |
Funding and payout timings are what FxPro states for its own processing; the release measurements are ours.