Follow-up to Frankfort Forex from Eagle-1 - possible TIMING
Jxxxxxxx asked me a similar question, so let me respond here on the forum with pretty much the same answer I gave to Jim since this is a question spinning around in more than a few heads.
One would think that the 17th is the next logical day, and that may well be the case. Honestly, I look for the announcement virtually any minute. Normally, however, when an item like this shows up on FOREX and it is still there at the end of the business day, it will remain there until trading resumes, whether it begins the next morning at 8:00 AM or, in the case of a weekend, when trading resumes on Monday morning.
Read More Link on Right
As far as whether they would wait for a week or not to implement the actual rate change, because of the possibility of investors scooping up the currency (and some will do that anyway!) and expecting to reap their dividend within 24 hours or even a week, the actual release time is kept a closely guarded secret, and could delay as much as 30 days (and even 90 days in some cases) if the IMF and Central Bank thought it appropriate.
As far as I know, (and this certainly doesn't mean I know all there is to know about this process!) the general rule of thumb is that when these items show up like this on FOREX, we can usually expect the actual currency change to occur within 72 hours.
Notice, also, that the announcement came just prior to a weekend. No trading takes place over the weekend, and by making the announcement at the close of business on a Thursday, it limits speculative trading.
Traders generally know that (and there are restrictions in place -- TOUGH RESTRICTIONS) they can't implement any currency transactions with that particular currency during the following 72 hours. Hence, the weekend announcement.
That's my take on things, for what it's worth!
Blessings on you.