Calculating Spot Dates
The spot date is always calculated from the horizon date (T). There are two possible cases:
- Spot is T+1 day if the currency pair is USD/CAD, USD/TRY, USD/PHP, USD/RUB, USD/KZT or USD/PKR. In this case T+1 must be a business day and also not a US holiday. If an unacceptable day is encountered, move forward one day and test again.
- Spot is T+2 days otherwise. The calculation of T+2 must be done by considering each currency within the pair separately. For USD there must be one clear working day between the horizon date and the spot date and for all non-USD currencies there must be two clear working days between the horizon date and the spot date.
Also, in all cases, no money clears on US holidays, meaning that neither spot nor delivery can take place.
Read more about this topic: Foreign Exchange Date Conventions
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—J.G. (James Graham)
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—Henry David Thoreau (1817–1862)