Hye traders and investors,
Not sure either the title is correct or not, but I'm just wondering after reading eurozone debt crisis news today, what will happen to our opened FX trades when a country totally switching their currency to another currency?
Example, let say we are opening many position for GBP/USD and suddenly UK said, all right we want to switch all our currency to euro. Do our positions will be liquidated at current price (realizing loss or profit), and how brokers deal with it?
Please advice and cheers
Not sure either the title is correct or not, but I'm just wondering after reading eurozone debt crisis news today, what will happen to our opened FX trades when a country totally switching their currency to another currency?
Example, let say we are opening many position for GBP/USD and suddenly UK said, all right we want to switch all our currency to euro. Do our positions will be liquidated at current price (realizing loss or profit), and how brokers deal with it?
Please advice and cheers