As the New York Federal Reserve’s three-month US dollar swap lines come to an end over the next few weeks, traders are unsure whether they will be renewed.

The price of central bank swap lines was lowered after dealers’ dollar borrowing costs via foreign exchange swaps soared in March. But with FX swap prices normalising since then, it’s unclear whether banks will tap the lines again or hit the open market.

“It’s a bit of an unknown. But if the costs are as close as they are between the euro