2898:
1086:
4979:
1166:
1106:
3632:, which are usually three months. This trade represents a “direct exchange” between two currencies, has the shortest time frame, involves cash rather than a contract, and interest is not included in the agreed-upon transaction. Spot trading is one of the most common types of forex trading. Often, a forex broker will charge a small fee to the client to roll-over the expiring transaction into a new identical transaction for a continuation of the trade. This roll-over fee is known as the "swap" fee.
1246:
1226:
1206:
1186:
1146:
1066:
282:
1273:. Within the interbank market, spreads represent the gap between the bid (the highest price a buyer is willing to pay) and ask (the lowest price a seller is willing to accept) prices in trading. Relationships play a role in a bank's access to interbank market liquidity. Banks with reserve imbalances may prefer to borrow from banks with established relationships and can sometimes secure loans at more favorable interest rates compared to other sources.
4806:
1126:
3584:"Buy the rumor, sell the fact": This market truism can apply to many currency situations. It is the tendency for the price of a currency to reflect the impact of a particular action before it occurs and, when the anticipated event comes to pass, react in exactly the opposite direction. This may also be referred to as a market being "oversold" or "overbought". To buy the rumor or sell the fact can also be an example of the
1483:
Companies in that they generally offer higher-value services. The volume of transactions done through
Foreign Exchange Companies in India amounts to about US$ 2 billion per day This does not compete favorably with any well developed foreign exchange market of international repute, but with the entry of online Foreign Exchange Companies the market is steadily growing. Around 25% of currency transfers/payments in
2700:
2677:
2541:
2462:
2378:
2351:
2324:
2240:
2213:
2186:
2159:
2132:
2105:
2078:
2051:
2024:
1997:
1970:
1943:
1916:
1889:
1862:
1835:
1808:
1781:
1754:
1727:
1700:
1673:
1646:
3805:
1297:, and other institutional investors have played an increasingly important role in financial markets in general, and in FX markets in particular, since the early 2000s.” (2004) In addition, he notes, “Hedge funds have grown markedly over the 2001–2004 period in terms of both number and overall size”. Central banks also participate in the foreign exchange market to align currencies to their economic needs.
812:
Afterwards, none of the major currencies (such as the US dollar, the
British pound, the euro, or the Japanese yen) were maintained with a capacity for conversion to gold. Instead, organizations relied on reserves of currency to facilitate international trade and back the value of their own currency. From 1970 to 1973, the volume of trading in the market increased three-fold. At some time (according to
1418:. To deal with the issue, in 2010 the NFA required its members that deal in the Forex markets to register as such (i.e., Forex CTA instead of a CTA). Those NFA members that would traditionally be subject to minimum net capital requirements, FCMs and IBs, are subject to greater minimum net capital requirements if they deal in Forex. A number of the foreign exchange brokers operate from the UK under
2651:
2625:
2594:
2568:
2515:
2489:
2436:
2405:
2293:
2267:
682:, and raw materials. If a Greek coin held more gold than an Egyptian coin due to its size or content, then a merchant could barter fewer Greek gold coins for more Egyptian ones, or for more material goods. This is why, at some point in their history, most world currencies in circulation today had a value fixed to a specific quantity of a recognized standard like silver and gold.
704:(from Italian, this translates to "ours") account book which contained two columned entries showing amounts of foreign and local currencies; information pertaining to the keeping of an account with a foreign bank. During the 17th (or 18th) century, Amsterdam maintained an active Forex market. In 1704, foreign exchange took place between agents acting in the interests of the
3451:. The world's currency markets can be viewed as a huge melting pot: in a large and ever-changing mix of current events, supply and demand factors are constantly shifting, and the price of one currency in relation to another shifts accordingly. No other market encompasses (and distills) as much of what is going on in the world at any given time as foreign exchange.
1281:
access that make up the foreign exchange market are determined by the size of the "line" (the amount of money with which they are trading). The top-tier interbank market accounts for 51% of all transactions. After that, smaller banks, large multinational corporations (requiring risk hedging and cross-border payroll), major hedge funds, and even a few retail
904:
436:" (although a few insurance companies and other kinds of financial firms are involved). Trades between foreign exchange dealers can be very large, involving hundreds of millions of dollars. Because of the sovereignty issue when involving two currencies, Forex has little (if any) supervisory entity regulating its actions.
3542:
can negatively affect the value of their currencies. Similarly, in a country experiencing financial difficulties, the rise of a political faction that is perceived to be fiscally responsible can have the opposite effect. Also, events in one country in a region may spur positive/negative interest in a
1280:
to 1–2 pips for currencies such as the EUR) as you go down the levels of access. This is due to volume. If a trader can guarantee large numbers of transactions for large amounts, they can demand a smaller difference between the bid and ask price, which is referred to as a better spread. The levels of
1018:
and the diverse selection of execution venues has lowered transaction costs, increased market liquidity, and attracted greater participation from many customer types. In particular, electronic trading via online portals has made it easier for retail traders to trade in the foreign exchange market. By
844:
government achieved an almost 3 billion dollar acquisition (a figure is given as 2.75 billion in total by The
Statesman: Volume 18 1974). This event indicated the impossibility of balancing of exchange rates by the measures of control used at the time, and the monetary system and the foreign exchange
423:
and sellers around the clock, with the exception of weekends. Since currencies are always traded in pairs, the foreign exchange market does not set a currency's absolute value but rather determines its relative value by setting the market price of one currency if paid for with another. Ex: 1 USD
3835:
Currency carry trade refers to the act of borrowing one currency that has a low interest rate in order to purchase another with a higher interest rate. A large difference in rates can be highly profitable for the trader, especially if high leverage is used. However, with all levered investments this
3665:
Forex banks, ECNs, and prime brokers offer NDF contracts, which are derivatives that have no real deliver-ability. NDFs are popular for currencies with restrictions such as the
Argentinian peso. In fact, a forex hedger can only hedge such risks with NDFs, as currencies such as the Argentinian peso
2824:
is the price of the Euro expressed in US dollars, meaning 1 euro = 1.5465 dollars. The market convention is to quote most exchange rates against the USD with the US dollar as the base currency (e.g. USDJPY, USDCAD, USDCHF). The exceptions are the
British pound (GBP), Australian dollar (AUD), the New
3753:
Currency speculation is considered a highly suspect activity in many countries, such as
Thailand. While investment in traditional financial instruments like bonds or stocks often is considered to contribute positively to economic growth by providing capital, currency speculation does not; according
1346:
is the daily monetary exchange rate fixed by the national bank of each country. The idea is that central banks use the fixing time and exchange rate to evaluate the behavior of their currency. Fixing exchange rates reflect the real value of equilibrium in the market. Banks, dealers, and traders use
3820:
In the context of the foreign exchange market, traders liquidate their positions in various currencies to take up positions in safe-haven currencies, such as the US dollar. Sometimes, the choice of a safe haven currency is more of a choice based on prevailing sentiments rather than one of economic
3714:
A foreign exchange option (commonly shortened to just FX option) is a derivative where the owner has the right but not the obligation to exchange money denominated in one currency into another currency at a pre-agreed exchange rate on a specified date. The FX options market is the deepest, largest
3493:
Balance of trade levels and trends: The trade flow between countries illustrates the demand for goods and services, which in turn indicates demand for a country's currency to conduct trade. Surpluses and deficits in trade of goods and services reflect the competitiveness of a nation's economy. For
2765:, Hong Kong, and Singapore are all important centers as well. Banks throughout the world participate. Currency trading happens continuously throughout the day; as the Asian trading session ends, the European session begins, followed by the North American session and then back to the Asian session.
839:
Due to the ultimate ineffectiveness of the
Bretton Woods Accord and the European Joint Float, the forex markets were forced to close sometime during 1972 and March 1973. This was a result of the collapse of the Bretton Woods System, as major currencies began to float against each other, ultimately
3438:
Asset market model: views currencies as an important asset class for constructing investment portfolios. Asset prices are influenced mostly by people's willingness to hold the existing quantities of assets, which in turn depends on their expectations on the future worth of these assets. The asset
1478:
and international payments to private individuals and companies. These are also known as "foreign exchange brokers" but are distinct in that they do not offer speculative trading but rather currency exchange with payments (i.e., there is usually a physical delivery of currency to a bank account).
1375:
firms (who typically manage large accounts on behalf of customers such as pension funds and endowments) use the foreign exchange market to facilitate transactions in foreign securities. For example, an investment manager bearing an international equity portfolio needs to purchase and sell several
1305:
An important part of the foreign exchange market comes from the financial activities of companies seeking foreign exchange to pay for goods or services. Commercial companies often trade fairly small amounts compared to those of banks or speculators, and their trades often have a little short-term
779:
family were known as the leaders of the foreign exchange market, while
Japheth, Montagu & Co. and Seligman still warrant recognition as significant FX traders. The trade in London began to resemble its modern manifestation. By 1928, Forex trade was integral to the financial functioning of the
3650:
is to engage in a forward transaction. In this transaction, money does not actually change hands until some agreed upon future date. A buyer and seller agree on an exchange rate for any date in the future, and the transaction occurs on that date, regardless of what the market rates are then. The
3428:, International Fisher effect. To some extent the above theories provide logical explanation for the fluctuations in exchange rates, yet these theories falter as they are based on challengeable assumptions (e.g., free flow of goods, services, and capital) which seldom hold true in the real world.
2866:
Trading in the euro has grown considerably since the currency's creation in
January 1999, and how long the foreign exchange market will remain dollar-centered is open to debate. Until recently, trading the euro versus a non-European currency ZZZ would have usually involved two trades: EURUSD and
1550:
or currency transfer companies provide low-value foreign exchange services for travelers. These are typically located at airports and stations or at tourist locations and allow physical notes to be exchanged from one currency to another. They access foreign exchange markets via banks or non-bank
3680:
The most common type of forward transaction is the foreign exchange swap. In a swap, two parties exchange currencies for a certain length of time and agree to reverse the transaction at a later date. These are not standardized contracts and are not traded through an exchange. A deposit is often
3595:
Economic numbers: While economic numbers can certainly reflect economic policy, some reports and numbers take on a talisman-like effect: the number itself becomes important to market psychology and may have an immediate impact on short-term market moves. "What to watch" can change over time. In
3789:
or otherwise mishandle their national economies, and foreign exchange speculators made the inevitable collapse happen sooner. A relatively quick collapse might even be preferable to continued economic mishandling, followed by an eventual, larger, collapse. Mahathir
Mohamad and other critics of
3699:
Currency futures contracts are contracts specifying a standard volume of a particular currency to be exchanged on a specific settlement date. Thus the currency futures contracts are similar to forward contracts in terms of their obligation, but differ from forward contracts in the way they are
3434:
model: This model, however, focuses largely on tradable goods and services, ignoring the increasing role of global capital flows. It failed to provide any explanation for the continuous appreciation of the US dollar during the 1980s and most of the 1990s, despite the soaring US current account
811:
allowed rates to fluctuate by up to ±2%. In 1961–62, the volume of foreign operations by the U.S. Federal Reserve was relatively low. Those responsible for managing exchange rates then found the boundaries of the Agreement unrealistic. As a result, it led to its discontinuation in March 1973.
1482:
It is estimated that in the UK, 14% of currency transfers/payments are made via Foreign Exchange Companies. These companies' selling point is usually that they will offer better exchange rates or cheaper payments than the customer's bank. These companies differ from Money Transfer/Remittance
1334:
to stabilize the market. Nevertheless, the effectiveness of central bank "stabilizing speculation" is doubtful because central banks do not go bankrupt if they make large losses as other traders would. There is also no convincing evidence that they actually make a profit from trading.
431:
and operates on several levels. Behind the scenes, banks turn to a smaller number of financial firms known as "dealers", who are involved in large quantities of foreign exchange trading. Most foreign exchange dealers are banks, so this behind-the-scenes market is sometimes called the
3700:
traded. In addition, Futures are daily settled removing credit risk that exist in Forwards. They are commonly used by MNCs to hedge their currency positions. In addition they are traded by speculators who hope to capitalize on their expectations of exchange rate movements.
2729:
There is no unified or centrally cleared market for the majority of trades, and there is very little cross-border regulation. Due to the over-the-counter (OTC) nature of currency markets, there are rather a number of interconnected marketplaces, where different currencies
1005:
Foreign exchange trading increased by 20% between April 2007 and April 2010 and has more than doubled since 2004. The increase in turnover is due to a number of factors: the growing importance of foreign exchange as an asset class, the increased trading activity of
958:
accounted for 38.1% of the total, making it by far the most important center for foreign exchange trading in the world. Owing to London's dominance in the market, a particular currency's quoted price is usually the London market price. For instance, when the
1453:
serve as an agent of the customer in the broader FX market, by seeking the best price in the market for a retail order and dealing on behalf of the retail customer. They charge a commission or "mark-up" in addition to the price obtained in the market.
3454:
Supply and demand for any given currency, and thus its value, are not influenced by any single element, but rather by several. These elements generally fall into three categories: economic factors, political conditions, and market psychology.
2796:
deals and other macroeconomic conditions. Major news is released publicly, often on scheduled dates, so many people have access to the same news at the same time. However, large banks have an important advantage; they can see their customers'
3784:
reports on an opposing view, comparing speculators to "vigilantes" who simply help "enforce" international agreements and anticipate the effects of basic economic "laws" in order to profit. In this view, countries may develop unsustainable
888:) influenced the Forex market on 27 February 1985. The greatest proportion of all trades worldwide during 1987 were within the United Kingdom (slightly over one quarter). The United States had the second highest involvement in trading.
993:
Most developed countries permit the trading of derivative products (such as futures and options on futures) on their exchanges. All these developed countries already have fully convertible capital accounts. Some governments of
3529:
All exchange rates are susceptible to political instability and anticipations about the new ruling party. Political upheaval and instability can have a negative impact on a nation's economy. For example, destabilization of
3602:
considerations: As in other markets, the accumulated price movements in a currency pair such as EUR/USD can form apparent patterns that traders may attempt to use. Many traders study price charts in order to identify such
3695:
Futures are standardized forward contracts and are usually traded on an exchange created for this purpose. The average contract length is roughly 3 months. Futures contracts are usually inclusive of any interest amounts.
3506:, thus demand, for that particular currency. However, a currency may sometimes strengthen when inflation rises because of expectations that the central bank will raise short-term interest rates to combat rising inflation.
3439:
market model of exchange rate determination states that “the exchange rate between two currencies represents the price that just balances the relative supplies of, and demand for, assets denominated in those currencies.”
3821:
statistics. An example would be the financial crisis of 2008. The value of equities across the world fell while the US dollar strengthened (see Fig.1). This happened despite the strong focus of the crisis in the US.
1354:
The mere expectation or rumor of a central bank foreign exchange intervention might be enough to stabilize the currency. However, aggressive intervention might be used several times each year in countries with a
772:; Britain remained largely uninvolved until 1914. Between 1919 and 1922, the number of foreign exchange brokers in London increased to 17; and in 1924, there were 40 firms operating for the purposes of exchange.
3812:
Risk aversion is a kind of trading behavior exhibited by the foreign exchange market when a potentially adverse event happens that may affect market conditions. This behavior is caused when risk averse traders
3627:
transaction is a two-day delivery transaction (except in the case of trades between the US dollar, Canadian dollar, Turkish lira, euro and Russian ruble, which settle the next business day), as opposed to the
3513:
and others, detail the levels of a country's economic growth and health. Generally, the more healthy and robust a country's economy, the better its currency will perform, and the more demand for it there will
1383:
operations, which manage clients' currency exposures with the aim of generating profits as well as limiting risk. While the number of this type of specialist firms is quite small, many have a large value of
1359:
currency regime. Central banks do not always achieve their objectives. The combined resources of the market can easily overwhelm any central bank. Several scenarios of this nature were seen in the 1992–93
784:. Some of these additional factors include tariff rates and quota, protectionist policies, trade barriers and taxes, economic depression and agricultural overproduction, and impact of protection on trade.
861:
In developed nations, state control of foreign exchange trading ended in 1973 when complete floating and relatively free market conditions of modern times began. Other sources claim that the first time a
3501:
Inflation levels and trends: Typically a currency will lose value if there is a high level of inflation in the country or if inflation levels are perceived to be rising. This is because inflation erodes
1002:. The use of derivatives is growing in many emerging economies. Countries such as South Korea, South Africa, and India have established currency futures exchanges, despite having some capital controls.
5444:
3447:
can be devised to predict prices. It is understood from the above models that many macroeconomic factors affect the exchange rates and in the end currency prices are a result of dual forces of
3517:
Productivity of an economy: Increasing productivity in an economy should positively influence the value of its currency. Its effects are more prominent if the increase is in the traded sector.
4908:
4775:
4928:
4730:
558:, the preliminary global results from the 2022 Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Markets Activity show that trading in foreign exchange markets averaged
796:
was signed, allowing currencies to fluctuate within a range of ±1% from the currency's par exchange rate. In Japan, the Foreign Exchange Bank Law was introduced in 1954. As a result, the
3651:
duration of the trade can be one day, a few days, months or years. Usually the date is decided by both parties. Then the forward contract is negotiated and agreed upon by both parties.
923:, other commercial corporations, and individuals. According to the 2019 Triennial Central Bank Survey, coordinated by the Bank for International Settlements, average daily turnover was
645:
Currency trading and exchange first occurred in ancient times. Money-changers (people helping others to change money and also taking a commission or charging a fee) were living in the
3463:
Economic factors include: (a) economic policy, disseminated by government agencies and central banks, (b) economic conditions, generally revealed through economic reports, and other
982:
in April 2013 (double the turnover recorded in April 2007). As of April 2022, exchange-traded currency derivatives represent 2% of OTC foreign exchange turnover. Foreign exchange
749:
From 1899 to 1913, holdings of countries' foreign exchange increased at an annual rate of 10.8%, while holdings of gold increased at an annual rate of 6.3% between 1903 and 1913.
2738:
exchange rate but rather a number of different rates (prices), depending on what bank or market maker is trading, and where it is. In practice, the rates are quite close due to
760:
increased from 3 in 1860, to 71 in 1913. In 1902, there were just two London foreign exchange brokers. At the start of the 20th century, trades in currencies was most active in
5798:," Chapter 1 in Michael A. S. Guth, Speculative behavior and the operation of competitive markets under uncertainty, Avebury Ashgate Publishing, Aldorshot, England (1994),
807:
is credited with ending the Bretton Woods Accord and fixed rates of exchange, eventually resulting in a free-floating currency system. After the Accord ended in 1971, the
800:
became a center of foreign exchange by September 1954. Between 1954 and 1959, Japanese law was changed to allow foreign exchange dealings in many more Western currencies.
3570:". There will be a greater demand, thus a higher price, for currencies perceived as stronger over their relatively weaker counterparts. The US dollar, Swiss franc and
4732:
Capital Movements and Their Control: Proceedings of the Second Conference of the International Center for Monetary and Banking Studies; Edited by Alexander K. Swoboda
3746:
Large hedge funds and other well capitalized "position traders" are the main professional speculators. According to some economists, individual traders could act as "
3412:
regime, exchange rates are decided by the government, while a number of theories have been proposed to explain (and predict) the fluctuations in exchange rates in a
473:
The modern foreign exchange market began forming during the 1970s. This followed three decades of government restrictions on foreign exchange transactions under the
780:
city. However, during the 1930s, London's pursuit of widespread trade prosperity was hindered by continental exchange controls and additional factors in Europe and
2768:
Fluctuations in exchange rates are usually caused by actual monetary flows as well as by expectations of changes in monetary flows. These are caused by changes in
3443:
None of the models developed so far succeed to explain exchange rates and volatility in the longer time frames. For shorter time frames (less than a few days),
3577:
Long-term trends: Currency markets often move in visible long-term trends. Although currencies do not have an annual growing season like physical commodities,
4079:
4523:
1310:(MNCs) can have an unpredictable impact when very large positions are covered due to exposures that are not widely known by other market participants.
4817:
1487:
are made via non-bank Foreign Exchange Companies. Most of these companies use the USP of better exchange rates than the banks. They are regulated by
4970:"... forced to close for several days in mid-1972, ... The foreign exchange markets were closed again on two occasions at the beginning of 1973,.. "
2742:. Due to London's dominance in the market, a particular currency's quoted price is usually the London market price. Major trading exchanges include
1582:
3971:
840:
leading to the abandonment of the fixed exchange rate system. Meanwhile, the largest purchase of US dollars in the history of 1976 was when the
5158:
5678:
470:
In a typical foreign exchange transaction, a party purchases some quantity of one currency by paying with some quantity of another currency.
5830:
and Summers VP (1989) 'When financial markets work too well: a Cautious case for a securities transaction tax' Journal of financial services
5486:
3767:
2798:
1517:
873:
allowed certain domestic "enterprises" to participate in foreign exchange trading. Sometime during 1981, the South Korean government ended
4595:
3395:
1462:, by contrast, typically act as principals in the transaction versus the retail customer, and quote a price they are willing to deal at.
1306:
impact on market rates. Nevertheless, trade flows are an important factor in the long-term direction of a currency's exchange rate. Some
4756:
2746:(EBS) and Thomson Reuters Dealing, while major banks also offer trading systems. A joint venture of the Chicago Mercantile Exchange and
3596:
recent years, for example, money supply, employment, trade balance figures and inflation numbers have all taken turns in the spotlight.
477:
of monetary management, which set out the rules for commercial and financial relations among the world's major industrial states after
268:
5403:
The Roots of the Mortgage Crisis: Bubbles cannot be safely defused by monetary policy before the speculative fever breaks on its own.
4929:
Capital Movements and Their Control: Proceedings of the Second Conference of the International Center for Monetary and Banking Studies
4408:
4304:
4011:
1516:/remittance companies perform high-volume low-value transfers generally by economic migrants back to their home country. In 2007, the
400:
for every currency. It includes all aspects of buying, selling and exchanging currencies at current or determined prices. In terms of
4248:
853:
states "... Exchange markets had to be closed. When they re-opened ... March 1 " that is a large purchase occurred after the close).
5155:
4628:
1520:
estimated that there were $ 369 billion of remittances (an increase of 8% on the previous year). The four largest foreign markets (
2859:
The U.S. currency was involved in 88.5% of transactions, followed by the euro (30.5%), the yen (16.7%), and sterling (12.9%) (see
1402:
Individual retail speculative traders constitute a growing segment of this market. Currently, they participate indirectly through
4572:
4543:
4498:
4388:
4284:
4271:
1488:
4428:
4477:
4367:
4321:
4147:
4083:
4057:
4037:
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speculation are viewed as trying to deflect the blame from themselves for having caused the unsustainable economic conditions.
5178:
5135:
5115:
5092:
3479:(the means by which a government's central bank influences the supply and "cost" of money, which is reflected by the level of
723:
traded foreign currencies around 1850 and was a leading currency trader in the USA. In 1880, J.M. do Espírito Santo de Silva (
678:
Currency and exchange were important elements of trade in the ancient world, enabling people to buy and sell items like food,
5772:
5201:
4886:
4331:
4194:
3262:
5969:
4797:"Thursday was aborted by news of a record assault on the dollar that forced the closing of most foreign exchange markets."
1575:
1407:
5583:
4034:
3581:
do make themselves felt. Cycle analysis looks at longer-term price trends that may rise from economic or political trends.
4389:
The Cambridge Economic History of Europe: The industrial economies : the development of economic and social policies
3758:
that often interferes with economic policy. For example, in 1992, currency speculation forced Sweden's central bank, the
866:
was traded by U.S. retail customers was during 1982, with additional currency pairs becoming available by the next year.
817:
5791:
2863:). Volume percentages for all individual currencies should add up to 200%, as each transaction involves two currencies.
5579:
5001:
4802:
2808:
thus constitutes an individual trading product and is traditionally noted XXXYYY or XXX/YYY, where XXX and YYY are the
555:
4457:
3526:
Internal, regional, and international political conditions and events can have a profound effect on currency markets.
569:
in April 2019. Measured by value, foreign exchange swaps were traded more than any other instrument in April 2022, at
5803:
5748:
4740:
4700:
4680:
4652:
2825:
Zealand dollar (NZD) and the euro (EUR) where the USD is the counter currency (e.g. GBPUSD, AUDUSD, NZDUSD, EURUSD).
1262:
845:
markets in West Germany and other countries within Europe closed for two weeks (during February and, or, March 1973.
433:
35:
5970:
London Foreign Exchange Committee with links (on right) to committees in NY, Tokyo, Canada, Australia, HK, Singapore
4608:
2867:
USDZZZ. The exception to this is EURJPY, which is an established traded currency pair in the interbank spot market.
6018:
5731:
3421:
1361:
1019:
2010, retail trading was estimated to account for up to 10% of spot turnover, or $ 150 billion per day (see below:
5633:
5600:
3388:
1568:
1492:
1397:
967:
every day, they use the London market prices at noon that day. Trading in the United States accounted for 19.4%,
129:
5999:
5287:
5209:
5189:
5166:
5143:
5123:
5103:
5069:
5035:
4959:
4936:
4916:
4786:
4764:
4708:
4688:
4660:
4640:
4616:
4583:
4551:
4531:
4485:
4465:
4436:
4416:
4396:
4375:
4355:
4292:
4259:
4202:
4178:
4158:
4114:
4091:
4068:
4045:
4022:
3237:
954:. The biggest geographic trading center is the United Kingdom, primarily London. In April 2022, trading in the
261:
4214:
3739:
and transferring risk from those people who don't wish to bear it, to those who do. Other economists, such as
1330:
and often have official or unofficial target rates for their currencies. They can use their often substantial
5712:
3364:
3186:
1250:
5938:
5815:
4868:
3490:, and positively to narrowing budget deficits. The impact is reflected in the value of a country's currency.
978:
Turnover of exchange-traded foreign exchange futures and options was growing rapidly in 2004-2013, reaching
694:
family were required to open banks at foreign locations in order to exchange currencies to act on behalf of
3857:
1419:
1411:
5764:
An Introduction to Mathematical Finance with Applications: Understanding and Building Financial Intuition
4951:
4575:
3897:
2912:
2785:
2743:
2300:
1437:
There are two main types of retail FX brokers offering the opportunity for speculative currency trading:
987:
960:
4347:
4132:
4106:
4102:
S von Reden (2007 Senior Lecturer in Ancient History and Classics at the University of Bristol, UK) -
3727:
and their effect on currency devaluations and national economies recurs regularly. Economists, such as
3589:
3381:
3138:
2839:
market, according to the 2022 Triennial Survey, the most heavily traded bilateral currency pairs were:
1471:
1318:
National central banks play an important role in the foreign exchange markets. They try to control the
1261:
Unlike a stock market, the foreign exchange market is divided into levels of access. At the top is the
877:
and allowed free trade to occur for the first time. During 1988, the country's government accepted the
730:
The year 1880 is considered by at least one source to be the beginning of modern foreign exchange: the
700:
386:
83:
5305:
3743:, consider this argument to be based more on politics and a free market philosophy than on economics.
915:
financial market in the world. Traders include governments and central banks, commercial banks, other
5422:"Scammers Operating on Periphery Of CFTC's Domain Lure Little Guy With Fantastic Promises of Profits"
5421:
4217:
3968:
3907:
3892:
3887:
3486:
Government budget deficits or surpluses: The market usually reacts negatively to widening government
3247:
1331:
1307:
870:
254:
73:
4103:
2851:
1431:
1427:
1230:
951:
661:
instead. Money-changers were also the silversmiths and/or goldsmiths of more recent ancient times.
191:
5686:
5504:
4307:
4150:
3709:
3660:
2773:
1385:
947:
628:
463:. It also supports direct speculation and evaluation relative to the value of currencies and the
175:
160:
5401:
4104:
Money in Ptolemaic Egypt: From the Macedonian Conquest to the End of the Third Century BC (p.48)
3830:
724:
3902:
3413:
3212:
2769:
1415:
1007:
964:
916:
561:
482:
327:
237:
88:
31:
5762:
4948:
3731:, have argued that speculators ultimately are a stabilizing influence on the market, and that
2828:
The factors affecting XXX will affect both XXXYYY and XXXZZZ. This causes a positive currency
950:
where brokers/dealers negotiate directly with one another, so there is no central exchange or
5664:
3817:
their positions in risky assets and shift the funds to less risky assets due to uncertainty.
3675:
3647:
3618:
3344:
3257:
1372:
808:
720:
658:
611:
592:
544:
428:
242:
196:
165:
78:
17:
5525:
3762:, to raise interest rates for a few days to 500% per annum, and later to devalue the krona.
4251:
3531:
3510:
3191:
3094:
2777:
2731:
1627:
1356:
1015:
940:
939:
was spot transactions and $ 5.4 trillion was traded in outright forwards, swaps, and other
793:
500:
its huge trading volume, representing the largest asset class in the world leading to high
486:
474:
460:
443:
and investments by enabling currency conversion. For example, it permits a business in the
297:
98:
93:
68:
5876:
5619:
895:
changed international agreements with some countries from oil-barter to foreign exchange.
657:). These people (sometimes called "kollybistẻs") used city stalls, and at feast times the
419:
around the world function as anchors of trading between a wide range of multiple types of
8:
5407:
4060:
4014:
3567:
3444:
3431:
3409:
3369:
1290:
1277:
738:
727:) applied for and was given permission to engage in a foreign exchange trading business.
540:
490:
440:
5915:
752:
At the end of 1913, nearly half of the world's foreign exchange was conducted using the
741:. Motivated by the onset of war, countries abandoned the gold standard monetary system.
5978:
5652:
5449:
3998:"Triennial Central Bank Survey of foreign exchange and OTC derivatives markets in 2022"
3850:
A user's guide to the Triennial Central Bank Survey of foreign exchange market activity
3599:
3571:
3464:
3359:
3317:
3302:
3272:
3196:
3124:
3041:
2919:
2907:
2755:
2221:
2086:
1978:
998:
do not allow foreign exchange derivative products on their exchanges because they have
821:
705:
532:
510:
its continuous operation: 24 hours a day except for weekends, i.e., trading from 22:00
389:
103:
3592:, when investors focus too much on the relevance of outside events to currency prices.
5857:
5799:
5768:
5744:
5660:
5325:
5205:
5185:
5162:
5139:
5119:
5099:
5065:
5031:
4997:
4955:
4932:
4912:
4882:
4782:
4760:
4736:
4704:
4684:
4656:
4636:
4612:
4579:
4547:
4527:
4481:
4461:
4432:
4412:
4392:
4371:
4351:
4327:
4288:
4255:
4198:
4190:
4174:
4154:
4110:
4087:
4064:
4041:
4018:
3882:
3837:
3771:
3759:
3559:
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3448:
3292:
3287:
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3222:
3048:
3016:
2781:
2470:
2248:
2059:
1762:
1547:
1508:
1475:
903:
709:
5725:
4368:
Foreign Exchange Control in China: First Edition (Asia Business Law Series Volume 4)
3574:
have been traditional safe havens during times of political or economic uncertainty.
827:
Reuters introduced computer monitors during June 1973, replacing the telephones and
5849:
5827:
5656:
5644:
5546:
5471:
5317:
5181:
4874:
4632:
4429:
Centres and Peripheries in Banking: The Historical Development of Financial Markets
4323:
Cambridge Economic History of Europe: Vol. 2: Trade and Industry in the Middle Ages
3922:
3872:
3763:
3641:
3629:
3554:
and trader perceptions influence the foreign exchange market in a variety of ways:
3503:
3339:
3334:
3307:
3177:
3153:
3148:
3109:
3089:
3053:
3001:
2889:
2817:
2359:
1924:
1870:
1843:
1423:
1403:
1380:
1266:
995:
983:
776:
602:
528:
the low margins of relative profit compared with other markets of fixed income; and
416:
401:
382:
222:
155:
124:
5179:
International Finance and Open-Economy Macroeconomics: Theory, History, and Policy
3509:
Economic growth and health: Reports such as GDP, employment levels, retail sales,
1406:
or banks. Retail brokers, while largely controlled and regulated in the US by the
5973:
5795:
5059:
5025:
4991:
4842:
3975:
3786:
3781:
3740:
3736:
3728:
3690:
3476:
3297:
3282:
3242:
3058:
2996:
2957:
2952:
2443:
1951:
1789:
1604:
1426:
is part of the wider over-the-counter derivatives trading industry that includes
1270:
1011:
999:
671:
Papyri PCZ I 59021 (c.259/8 BC), shows the occurrences of exchange of coinage in
313:
150:
3849:
3681:
required in order to hold the position open until the transaction is completed.
2897:
2167:
496:
The foreign exchange market is unique because of the following characteristics:
5993:
5988:
5818:
Joseph Stiglitz, The New Republic, 17 April 2000, reprinted at GlobalPolicy.org
5572:
5397:
5381:
5269:
5257:
5095:
3997:
3932:
3912:
3877:
3585:
3578:
3563:
3495:
3487:
3312:
3217:
3167:
3129:
3021:
2968:
2962:
2942:
2937:
2789:
2658:
2601:
2496:
2113:
1708:
1513:
1504:
1165:
1105:
955:
874:
753:
448:
5984:
5321:
4878:
4499:"The impact of protection on trade: lessons from Britain's 1930s policy shift"
1276:
The difference between the bid and ask prices widens (for example from 0 to 1
907:
Main foreign exchange market turnover, 1988–2007, measured in billions of USD.
6012:
5861:
5788:
5329:
3799:
3770:, is one well-known proponent of this view. He blamed the devaluation of the
3750:" and have a more destabilizing role than larger and better informed actors.
3480:
3472:
3425:
3252:
3227:
3079:
3026:
2876:
2813:
2805:
2751:
2632:
2522:
1897:
1537:
1327:
1245:
1225:
1210:
1205:
1185:
1145:
1130:
1065:
1032:
863:
804:
797:
781:
765:
731:
672:
619:
522:
467:
speculation, based on the differential interest rate between two currencies.
444:
397:
347:
304:
232:
227:
206:
170:
63:
58:
4127:
1498:
5943:
5901:
4778:
4672:
3917:
3775:
3747:
3354:
3329:
3099:
2991:
2986:
2977:
2947:
2575:
2549:
2386:
2332:
2274:
2140:
2032:
2005:
1681:
1541:
1348:
1343:
1319:
1286:
1282:
1190:
841:
548:
478:
337:
201:
5270:"The $ 4 trillion question: what explains FX growth since the 2007 survey?
5116:
Monetary and Exchange System Reforms in China: An Experiment in Gradualism
5358:
5236:
3952:
3814:
3724:
3349:
3162:
3119:
3114:
3104:
3011:
2928:
2829:
2412:
1816:
1533:
1294:
1110:
1085:
920:
464:
405:
357:
5939:"IMF says US crisis is 'largest financial shock since Great Depression'"
5853:
5648:
5304:
Cocco, João F.; Gomes, Francisco J.; Martins, Nuno C. (1 January 2009).
5136:
South Korea in the Fast Lane: Economic Development and Capital Formation
5620:
The Microstructure Approach to Exchange Rates, Richard Lyons, MIT Press
5344:"Triennial Central Bank Survey Foreign exchange turnover in April 2016"
5343:
5221:
4949:
Power, Money, And Trade: Decisions That Shape Global Economic Relations
4843:"About the IMF: History: The end of the Bretton Woods System (1972–81)"
3624:
2836:
1379:
Some investment management firms also have more speculative specialist
975:
account for 9.4% and 7.1%, respectively, and Japan accounted for 4.4%.
885:
737:
Prior to the First World War, there was a much more limited control of
539:
As such, it has been referred to as the market closest to the ideal of
281:
5841:
5118:
International Monetary Fund, 26 September 1996 Retrieved 14 July 2012
2754:
opened in 2007 and aspired but failed to the role of a central market
5573:
Triennial Central Bank Survey Foreign exchange turnover in April 2022
4976:
New paths to full employment: the failure of orthodox economic theory
4873:, Annual Report of the Executive Board, International Monetary Fund,
4818:"1973: The end of Bretton Woods When exchange rates learned to float"
4215:
The Medici Bank: its organization, management, operations and decline
3927:
2739:
2194:
1376:
pairs of foreign currencies to pay for foreign securities purchases.
1323:
1070:
972:
968:
912:
665:
646:
501:
4927:
International Center for Monetary and Banking Studies, AK Swoboda –
4911:
Cambridge University Press, 10 November 1994 Retrieved 15 July 2012
4086:
Biblo & Tannen Publishers, 1 March 1933 Retrieved 14 July 2012
3808:
The MSCI World Index of Equities fell while the US dollar index rose
816:
during February–March 1973) some of the markets were "split", and a
535:
to enhance profit and loss margins and with respect to account size.
5916:"Global markets – US stocks rebound, dollar gains on risk aversion"
4573:
A History of the Federal Reserve, Volume 2, Book 1; Books 1951–1969
3755:
3558:
Flights to quality: Unsettling international events can lead to a "
3539:
3535:
3074:
2809:
1735:
1597:
650:
452:
393:
145:
5900:
Gregory J. Millman, Around the World on a Trillion Dollars a Day,
5204:
International Monetary Fund, 13 April 1995 Retrieved 14 July 2012
5093:
China in the New Millennium: Market Reforms and Social Development
4719:
Franz Pick Pick's currency yearbook 1977 – Retrieved 15 July 2012
30:"Forex" and "Foreign exchange" redirect here. For other uses, see
5632:
Tille, Cédric; Stoffels, Nicolas; Gorbachev, Olga (August 2001).
5605:
5382:"Why has FX trading surged? Explaining the 2004 triennial survey"
4655:
Enlightened Financial Press, 1 April 2004 Retrieved 13 July 2012
4609:
Forex Made Simple: A Beginner's Guide to Foreign Exchange Success
4460:
Oxford University Press, 27 February 1997 Retrieved 13 July 2012
4303:(page 847) of M Pohl, European Association for Banking History –
3324:
3267:
2816:
that is quoted relative to the second currency (YYY), called the
2747:
1125:
869:
On 1 January 1981, as part of changes beginning during 1978, the
756:. The number of foreign banks operating within the boundaries of
695:
679:
5239:: Bank for International Settlements. September 2013. p. 12
1563:
Currency distribution of global foreign exchange market turnover
404:, it is by far the largest market in the world, followed by the
6003:
5379:
4350:
John Wiley & Sons, 22 November 2011 Retrieved 27 July 2102
3979:
3804:
2793:
1536:) receive $ 95 billion. The largest and best-known provider is
1529:
769:
757:
691:
515:
4703:
McGraw-Hill Professional, 17 June 2011 Retrieved 13 July 2012
3543:
neighboring country and, in the process, affect its currency.
2761:
The main trading centers are London and New York City, though
5842:"How Noise Trading Affects Markets: An Experimental Analysis"
5840:
Bloomfield, Robert J.; O'Hara, Maureen; Saar, Gideon (2007).
5760:
5354:
5232:
5138:
Oxford University Press, 20 July 2007 Retrieved 14 July 2012
4909:
The Fading Miracle: Four Decades of Market Economy in Germany
4611:
John Wiley and Sons, 18 February 2011 Retrieved 13 July 2012
4478:
The Foreign Exchange Market Of London: Development Since 1900
3715:
and most liquid market for options of any kind in the world.
3006:
2762:
1525:
1521:
1484:
828:
761:
420:
5061:
Formulation of Exchange Rate Policies in Adjustment Programs
2812:
of the currencies involved. The first currency (XXX) is the
5743:
Gelet, Joseph (2016). Splitting Pennies. Elite E Services.
5547:"Money transfer/remittance companies and bureaux de change"
5222:"Report on global foreign exchange market activity in 2013"
3232:
1654:
1491:
and any transaction in foreign Exchange is governed by the
1170:
1150:
892:
456:
323:
5727:
All About the Foreign Exchange Market in the United States
5275:, the Bank for International Settlements, 13 December 2010
5260:, the Bank for International Settlements, 13 December 2010
4681:
PA Rosenstreich – The Evolution of FX and Emerging Markets
4272:
An Economic History of England: The 18th Century, Volume 3
3858:
Trading in the Retail Off-Exchange Foreign Currency Market
3735:
performs the important function of providing a market for
990:
and are traded more than to most other futures contracts.
5985:
Historical (10-year) currency converter and data download
4458:
Kleinwort, Benson: The History of Two Families in Banking
2804:
Currencies are traded against one another in pairs. Each
1499:
Money transfer/remittance companies and bureaux de change
1090:
878:
511:
301:
5877:"But Don't Rush Out to Buy Kronor: Sweden's 500% Gamble"
5839:
4391:
Cambridge University Press, 1989 Retrieved 13 July 2012
3666:
cannot be traded on open markets like major currencies.
668:
government kept a monopoly on the exchange of currency.
27:
Global decentralized trading of international currencies
4431:
Ashgate Publishing, Ltd., 2007 Retrieved 13 July 2012
5631:
4546:
Oxford University Press, 2000 Retrieved 13 July 2012
1465:
5202:
Issues in International Exchange and Payments Systems
5027:
Managing Currency Risk Using Foreign Exchange Options
4757:
International Finance and Open-Economy Macroeconomics
4285:
A Financial History of the United States, Volumes 1–2
3852: – Bank for International Settlements
698:
merchants. To facilitate trade, the bank created the
5634:"To What Extent Does Productivity Drive the Dollar?"
5361:: Bank for International Settlements. September 2016
3566:
whereby investors move their assets to a perceived "
1020:
849:
state closed after purchase of "7.5 million Dmarks"
4683:Traders Press, 30 June 2009 Retrieved 13 July 2012
4411:PHI Learning Pvt. Ltd. 2009 Retrieved 27 July 2012
5601:"Reuters, CME launch global forex market platform"
3498:may have a negative impact on a nation's currency.
1554:
1391:
5380:Gabriele Galati, Michael Melvin (December 2004).
5303:
4867:Fund, International Monetary (1 September 1976),
4274:Taylor & Francis, 1955 Retrieved 13 July 2012
3836:is a double edged sword, and large exchange rate
2870:
2820:(or quote currency). For instance, the quotation
1422:regulations where foreign exchange trading using
1285:come into play. According to Galati and Melvin, “
6010:
5994:OECD Exchange rate statistics (monthly averages)
5761:Arlie O. Petters; Xiaoying Dong (17 June 2016).
4229:Cambridge dictionaries online – "nostro account"
4195:The Rise and Decline of the Medici Bank: 1397–94
3654:
5754:
5484:
5445:"Check the Currency Risk. Then Multiply by 100"
5306:"Lending relationships in the interbank market"
4544:A History of Japanese Trade and Industry Policy
4526:Pearson Education, 2008 Retrieved 15 July 2012
3982:Trade and development report 2007 (Chapter 1B).
3969:Global imbalances and destabilizing speculation
884:Intervention by European banks (especially the
5159:Peterson Institute for International Economics
4870:International Monetary Fund Annual Report 1976
4594:(page 7 "fixed exchange rates" of) DF DeRosa –
4480:Psychology Press, 2005 Retrieved 13 July 2012
4035:International Standard Bible Encyclopedia: A–D
1367:
1014:as an important market segment. The growth of
5288:"Euromoney FX Survey 2020 – results released"
4238:Oxford dictionaries online – "nostro account"
3389:
2734:are traded. This implies that there is not a
1576:
1414:, have previously been subjected to periodic
411:The main participants in this market are the
262:
5114:B Laurens, H Mehran, M Quintyn, T Nordman –
4058:The Phenomenon of Money (Routledge Revivals)
3840:can suddenly swing trades into huge losses.
2860:
2609:
2420:
2308:
1364:collapse, and in more recent times in Asia.
898:
5816:What I Learned at the World Economic Crisis
5709:Technical Analysis of the Financial Markets
4125:
4063:US, 14 January 2011 Retrieved 14 July 2012
1388:and can, therefore, generate large trades.
4781:, 31 December 2011 Retrieved 15 July 2012
4153:, 17 January 2012 Retrieved 13 July 2012
4040:, 13 February 1995 Retrieved 14 July 2012
3396:
3382:
1583:
1569:
1540:with 345,000 agents globally, followed by
1338:
427:The foreign exchange market works through
269:
255:
4978:Macmillan, 1991 Retrieved 15 July 2012 →
4635:, 12 October 2011 Retrieved 14 July 2012
4578:, 1 February 2010 Retrieved 14 July 2012
4305:Handbook on the History of European Banks
4287:M.E. Sharpe, 2002 Retrieved 14 July 2012
4197:Beard Books, 1999 Retrieved 14 July 2012
4012:Encyclopedia of American Business History
3992:
3990:
3988:
5436:
5184:, 31 August 2010 Retrieved 14 July 2012
5156:Does Foreign Exchange Intervention Work?
4524:Exchange Rates and International Finance
4319:
4254:, 29 August 2005 Retrieved 14 July 2012
4017:, 1 January 2009 Retrieved 14 July 2012
3803:
3607:
2810:ISO 4217 international three-letter code
911:The foreign exchange market is the most
902:
744:
412:
280:
5936:
5874:
5641:Current Issues in Economics and Finance
5057:
4729:Swoboda, Alexander K. (30 April 1976).
4728:
3521:
1300:
565:per day in April 2022. This is up from
14:
6011:
5285:
4993:Essentials of Foreign Exchange Trading
4759:Springer, 2002 Retrieved 15 July 2012
4496:
4409:International Business: Text And Cases
4038:William B. Eerdmans Publishing Company
3985:
2610:
2421:
2309:
1026:
5589:from the original on 27 October 2022.
5419:
5387:. Bank for International Settlements.
5336:
5299:
5297:
5214:
5023:
4907:H Giersch, K-H Paqué, H Schmieding –
4801:The outlook: Volume 45, published by
3962:
3855:National Futures Association (2010),
3471:Economic policy comprises government
1493:Foreign Exchange Management Act, 1999
919:and financial institutions, currency
787:
685:
573:per day, followed by spot trading at
424:is worth X CAD, or CHF, or JPY, etc.
5913:
5789:Profitable Destabilizing Speculation
5442:
5413:
4989:
4866:
4084:Trade and Politics in Ancient Greece
3546:
1408:Commodity Futures Trading Commission
831:used previously for trading quotes.
824:. This was abolished in March 1974.
518:) until 22:00 UTC Friday (New York);
439:The foreign exchange market assists
5310:Journal of Financial Intermediation
4931:BRILL, 1976 Retrieved 15 July 2012
4497:Miller, Siobhan (25 October 2018).
3458:
1466:Non-bank foreign exchange companies
521:the variety of factors that affect
24:
5875:Redburn, Tom (17 September 1992).
5580:Bank for International Settlements
5485:Andy Kollmorgen (16 August 2021).
5294:
4805:– 1972 – Retrieved 15 July 2012 →
4629:International Financial Management
4562:RC Smith, I Walter, G DeLong (p.4)
3843:
3768:former Prime Ministers of Malaysia
1265:, which is made up of the largest
820:was subsequently introduced, with
556:Bank for International Settlements
481:. Countries gradually switched to
25:
6030:
5963:
5937:Stewart, Heather (9 April 2008).
5258:"Derivatives in emerging markets"
3424:, interest rate parity, Domestic
3420:International parity conditions:
2792:or surpluses, large cross-border
1263:interbank foreign exchange market
946:Foreign exchange is traded in an
36:Foreign exchange (disambiguation)
5914:Moon, Angela (5 February 2010).
5734:(1998), chapter 11, pp. 113–115.
5732:Federal Reserve Bank of New York
5420:McKay, Peter A. (26 July 2005).
3793:
3475:(budget/spending practices) and
3422:Relative purchasing power parity
2896:
2699:
2698:
2676:
2675:
2649:
2623:
2592:
2566:
2540:
2539:
2513:
2487:
2461:
2460:
2434:
2403:
2377:
2376:
2350:
2349:
2323:
2322:
2291:
2265:
2239:
2238:
2212:
2211:
2185:
2184:
2158:
2157:
2131:
2130:
2104:
2103:
2077:
2076:
2050:
2049:
2023:
2022:
1996:
1995:
1969:
1968:
1942:
1941:
1915:
1914:
1888:
1887:
1861:
1860:
1834:
1833:
1807:
1806:
1780:
1779:
1753:
1752:
1726:
1725:
1699:
1698:
1672:
1671:
1645:
1644:
1362:European Exchange Rate Mechanism
1313:
1244:
1224:
1204:
1184:
1164:
1144:
1124:
1104:
1084:
1064:
847:Giersch, Paqué, & Schmieding
834:
5981:published by US Federal Reserve
5930:
5907:
5894:
5868:
5833:
5821:
5809:
5781:
5737:
5718:
5701:
5671:
5625:
5613:
5593:
5582:. 27 October 2022. p. 12.
5565:
5539:
5518:
5497:
5478:
5464:
5391:
5373:
5279:
5263:
5251:
5194:
5177:(page 211 – ) H Van Den Berg –
5171:
5161:, 1993 Retrieved 14 July 2012
5148:
5128:
5108:
5085:
5064:. International Monetary Fund.
5051:
5017:
4983:
4964:
4941:
4921:
4901:
4860:
4835:
4810:
4803:Standard and Poor's Corporation
4791:
4769:
4749:
4722:
4713:
4693:
4665:
4645:
4621:
4601:
4588:
4565:
4556:
4536:
4516:
4490:
4470:
4450:
4441:
4421:
4401:
4381:
4370:Kluwer Law International, 2004
4360:
4340:
4313:
4297:
4277:
4264:
4241:
4232:
4223:
4207:
4183:
4163:
4146:RC Smith, I Walter, G DeLong –
4140:
3139:Over-the-counter (off-exchange)
1560:Most traded currencies by value
1555:Most traded currencies by value
1398:Retail foreign exchange trading
1392:Retail foreign exchange traders
1021:Retail foreign exchange traders
986:were introduced in 1972 at the
881:quota for international trade.
715:
664:During the 4th century AD, the
493:per the Bretton Woods system.
459:, even though its income is in
130:Retail foreign exchange trading
5979:Daily update of exchange rates
5098:, 1998 Retrieved 14 July 2012
4954:, 2005 Retrieved 15 July 2012
4326:. Cambridge University Press.
4119:
4096:
4073:
4050:
4027:
4004:
3946:
3824:
3718:
2871:Determinants of exchange rates
2650:
2624:
2593:
2567:
2514:
2488:
2435:
2404:
2292:
2266:
1043:% of overall volume, June 2020
659:Temple's Court of the Gentiles
13:
1:
5713:New York Institute of Finance
5351:Triennial Central Bank Survey
5286:Lilley, Mark (25 June 2020).
5229:Triennial Central Bank Survey
4947:( -p. 332 of ) MR Brawley –
4676:, RR Wasendorf, Jr.) (INT) –
4310:, 1994 Retrieved 14 July 2012
4220:, 1948 Retrieved 14 July 2012
3939:
3655:Non-deliverable forward (NDF)
3365:Sustainable development goals
1251:Bank of America Merrill Lynch
856:
690:During the 15th century, the
5551:Open Textbooks for Hong Kong
1551:foreign exchange companies.
1420:Financial Services Authority
1412:National Futures Association
963:calculates the value of its
507:its geographical dispersion;
7:
5767:. Springer. pp. 345–.
5443:Egan, Jack (19 June 2005).
5154:KM Dominguez, JA Frankel –
4952:University of Toronto Press
4776:City of London: The History
4653:Forex for Small Speculators
4596:Options on Foreign Exchange
4576:University of Chicago Press
4249:A History of Interest Rates
3898:Foreign exchange derivative
3865:
3754:to this view, it is simply
3723:Controversy about currency
2832:between XXXYYY and XXXZZZ.
2786:International Fisher effect
2744:Electronic Broking Services
1609:Proportion of daily volume
1368:Investment management firms
988:Chicago Mercantile Exchange
961:International Monetary Fund
927:in April 2022 (compared to
290: US Dollar Index (DXY)
10:
6035:
5487:"Overseas money transfers"
4133:World History Encyclopedia
4107:Cambridge University Press
3828:
3797:
3707:
3688:
3684:
3673:
3658:
3639:
3635:
3616:
2874:
1502:
1472:foreign exchange companies
1395:
1308:multinational corporations
1030:
640:
635:
584:break-down is as follows:
451:member states, especially
413:larger international banks
29:
5685:. Reuters. Archived from
5424:. The Wall Street Journal
5322:10.1016/j.jfi.2008.06.003
4996:. John Wiley & Sons.
4879:10.5089/9781616351885.011
4745:– via Google Books.
4378:Retrieved 12 January 2013
4348:A Foreign Exchange Primer
4283:(page 196 of) JW Markham
4247:S Homer, Richard E Sylla
4218:New York University Press
4128:"Trade in Ancient Greece"
3908:Foreign-exchange reserves
3893:Foreign exchange controls
3888:Foreign currency mortgage
3703:
3646:One way to deal with the
3248:Diversification (finance)
2776:theory), interest rates (
2772:(GDP) growth, inflation (
2707:
2684:
1611:
1608:
1603:
1596:
1593:
1332:foreign exchange reserves
899:Market size and liquidity
396:. This market determines
74:Exchange-rate flexibility
4699:J Jagerson, SW Hansen –
4320:Habakkuk, H. J. (1987).
4171:The Lives of the Artists
4169:(tertiary) – G Vasari –
1514:Money transfer companies
1432:financial spread betting
1428:contracts for difference
1231:State Street Corporation
818:two-tier currency market
192:Bretton Woods Conference
6019:Foreign exchange market
5846:SSRN Electronic Journal
5058:Johnson, G. G. (1985).
4701:All About Forex Trading
4522:Laurence S. Copeland –
4387:P Mathias, S Pollard –
4308:Edward Elgar Publishing
4270:T Southcliffe Ashton –
4173:Retrieved 13 July 2012
4151:Oxford University Press
3974:17 October 2016 at the
3778:and other speculators.
3733:stabilizing speculation
3710:Foreign exchange option
3669:
3661:Non-deliverable forward
3612:
2822:EURUSD (EUR/USD) 1.5465
2774:purchasing power parity
1386:assets under management
1344:Foreign exchange fixing
1339:Foreign exchange fixing
1039:Top 10 currency traders
1010:, and the emergence of
948:over-the-counter market
917:institutional investors
483:floating exchange rates
377:(pronounced "fix"), or
367:foreign exchange market
176:Foreign exchange option
161:Non-deliverable forward
120:Foreign exchange market
5475:(London), 16 July 2006
4598:Retrieved 15 July 2012
4503:Microeconomic Insights
4447:P. L. Cottrell (p. 75)
3959:(Wiley Finance Series)
3903:Foreign exchange hedge
3809:
3414:floating exchange rate
3213:Alternative investment
2782:Domestic Fisher effect
2770:gross domestic product
1416:foreign exchange fraud
1008:high-frequency traders
965:special drawing rights
908:
871:People's Bank of China
775:During the 1920s, the
721:Alex. Brown & Sons
612:foreign exchange swaps
447:to import goods from
429:financial institutions
398:foreign exchange rates
387:over-the-counter (OTC)
362:
238:Foreign exchange fraud
89:Floating exchange rate
32:Forex (disambiguation)
5996:published by OECD.org
5787:Michael A. S. Guth, "
5715:, 1999), pp. 343–375.
5679:"Safe Haven Currency"
4735:. BRILL. p. 70.
4252:John Wiley & Sons
3807:
3676:Foreign exchange swap
3648:foreign exchange risk
3619:Foreign exchange spot
3608:Financial instruments
3532:coalition governments
3345:Investment management
3258:Environmental finance
1373:Investment management
906:
809:Smithsonian Agreement
745:Modern to post-modern
545:currency intervention
461:United States dollars
284:
243:Currency intervention
197:Smithsonian Agreement
184:Historical agreements
166:Foreign exchange swap
5794:28 July 2013 at the
5030:. Elsevier Science.
5024:Hicks, Alan (2000).
4990:Chen, James (2009).
4061:Taylor & Francis
3861:. Chicago, Illinois.
3522:Political conditions
3511:capacity utilization
2849:GBPUSD (also called
2778:interest rate parity
1301:Commercial companies
1016:electronic execution
794:Bretton Woods Accord
734:began in that year.
725:Banco Espírito Santo
649:in the times of the
487:exchange rate regime
475:Bretton Woods system
285:US Dollar Index DXY
99:Managed float regime
94:Linked exchange rate
69:Exchange rate regime
5854:10.2139/ssrn.994379
5649:10.2139/ssrn.711362
5512:www.pondiuni.edu.in
5408:Wall Street Journal
4015:Infobase Publishing
3465:economic indicators
3432:Balance of payments
3416:regime, including:
3410:fixed exchange rate
3370:Sustainable finance
2884:Part of a series on
1590:
1291:insurance companies
1045:
1027:Market participants
822:dual currency rates
739:international trade
541:perfect competition
441:international trade
392:for the trading of
84:Fixed exchange rate
5972:on the website of
5881:The New York Times
5683:Financial Glossary
5450:The New York Times
5410:, 12 December 2007
4407:S Misra, PK Yadav
4109:, 6 December 2007
4000:. 27 October 2022.
3838:price fluctuations
3810:
3360:Speculative attack
3125:Structured product
2222:Israeli new shekel
2087:South African rand
1979:New Zealand dollar
1559:
1347:fixing rates as a
1271:securities dealers
1037:
931:in 2004). Of this
909:
788:After World War II
706:Kingdom of England
686:Medieval and later
631:and other products
543:, notwithstanding
485:from the previous
363:
104:Dual exchange rate
5904:, New York, 1995.
5774:978-1-4939-3783-7
5609:. 10 August 2007.
4888:978-1-61635-188-5
4822:www.bundesbank.de
4427:P. L. Cottrell –
4333:978-0-521-08709-4
4191:Raymond de Roover
4126:Mark Cartwright.
3883:Currency strength
3772:Malaysian ringgit
3630:futures contracts
3600:Technical trading
3560:flight-to-quality
3552:Market psychology
3547:Market psychology
3449:supply and demand
3406:
3405:
3233:Banks and banking
3223:Asset (economics)
3049:Credit derivative
3017:Stock certificate
2890:Financial markets
2720:
2719:
2471:Malaysian ringgit
2249:Indonesian rupiah
2060:New Taiwan dollar
1763:Australian dollar
1548:Bureaux de change
1509:Bureaux de change
1476:currency exchange
1259:
1258:
1044:
984:futures contracts
710:County of Holland
603:outright forwards
554:According to the
489:, which remained
455:members, and pay
417:Financial centers
279:
278:
16:(Redirected from
6026:
5957:
5956:
5954:
5952:
5934:
5928:
5927:
5925:
5923:
5911:
5905:
5898:
5892:
5891:
5889:
5887:
5872:
5866:
5865:
5837:
5831:
5828:Lawrence Summers
5825:
5819:
5813:
5807:
5785:
5779:
5778:
5758:
5752:
5741:
5735:
5722:
5716:
5707:John J. Murphy,
5705:
5699:
5698:
5696:
5694:
5675:
5669:
5668:
5638:
5629:
5623:
5617:
5611:
5610:
5597:
5591:
5590:
5588:
5577:
5569:
5563:
5562:
5560:
5558:
5543:
5537:
5536:
5530:
5522:
5516:
5515:
5509:
5501:
5495:
5494:
5482:
5476:
5472:The Sunday Times
5468:
5462:
5461:
5459:
5457:
5440:
5434:
5433:
5431:
5429:
5417:
5411:
5395:
5389:
5388:
5386:
5377:
5371:
5370:
5368:
5366:
5348:
5340:
5334:
5333:
5301:
5292:
5291:
5283:
5277:
5267:
5261:
5255:
5249:
5248:
5246:
5244:
5226:
5218:
5212:
5198:
5192:
5182:World Scientific
5175:
5169:
5152:
5146:
5132:
5126:
5112:
5106:
5089:
5083:
5082:
5080:
5078:
5055:
5049:
5048:
5046:
5044:
5021:
5015:
5014:
5012:
5010:
4987:
4981:
4968:
4962:
4945:
4939:
4925:
4919:
4905:
4899:
4898:
4897:
4895:
4864:
4858:
4857:
4855:
4853:
4839:
4833:
4832:
4830:
4828:
4814:
4808:
4795:
4789:
4773:
4767:
4753:
4747:
4746:
4726:
4720:
4717:
4711:
4697:
4691:
4669:
4663:
4649:
4643:
4633:Cengage Learning
4625:
4619:
4605:
4599:
4592:
4586:
4569:
4563:
4560:
4554:
4540:
4534:
4520:
4514:
4513:
4511:
4509:
4494:
4488:
4474:
4468:
4454:
4448:
4445:
4439:
4425:
4419:
4405:
4399:
4385:
4379:
4364:
4358:
4344:
4338:
4337:
4317:
4311:
4301:
4295:
4281:
4275:
4268:
4262:
4245:
4239:
4236:
4230:
4227:
4221:
4211:
4205:
4187:
4181:
4167:
4161:
4144:
4138:
4137:
4123:
4117:
4100:
4094:
4077:
4071:
4054:
4048:
4031:
4025:
4008:
4002:
4001:
3994:
3983:
3966:
3960:
3957:Currency Overlay
3950:
3923:Nonfarm payrolls
3873:Balance of trade
3787:economic bubbles
3764:Mahathir Mohamad
3642:Forward contract
3504:purchasing power
3459:Economic factors
3398:
3391:
3384:
3340:Impact investing
3335:Growth investing
3068:Foreign exchange
3054:Futures exchange
3002:Registered share
2900:
2881:
2880:
2818:counter currency
2702:
2701:
2689:
2687:Other currencies
2679:
2678:
2653:
2652:
2627:
2626:
2613:
2612:
2596:
2595:
2570:
2569:
2543:
2542:
2517:
2516:
2491:
2490:
2464:
2463:
2438:
2437:
2424:
2423:
2407:
2406:
2380:
2379:
2360:Hungarian forint
2353:
2352:
2326:
2325:
2312:
2311:
2295:
2294:
2269:
2268:
2242:
2241:
2215:
2214:
2188:
2187:
2161:
2160:
2134:
2133:
2107:
2106:
2080:
2079:
2053:
2052:
2026:
2025:
1999:
1998:
1972:
1971:
1945:
1944:
1925:South Korean won
1918:
1917:
1891:
1890:
1871:Singapore dollar
1864:
1863:
1844:Hong Kong dollar
1837:
1836:
1810:
1809:
1783:
1782:
1756:
1755:
1729:
1728:
1702:
1701:
1675:
1674:
1648:
1647:
1591:
1585:
1578:
1571:
1564:
1558:
1381:currency overlay
1267:commercial banks
1249:
1248:
1229:
1228:
1209:
1208:
1189:
1188:
1169:
1168:
1149:
1148:
1129:
1128:
1109:
1108:
1089:
1088:
1069:
1068:
1046:
1042:
1036:
1012:retail investors
1000:capital controls
996:emerging markets
981:
938:
934:
930:
926:
803:U.S. President,
626:
618:
609:
600:
590:
583:
576:
575:US$ 2.1 trillion
572:
571:US$ 3.8 trillion
568:
567:US$ 6.6 trillion
564:
434:interbank market
355:
345:
335:
321:
311:
295:
289:
271:
264:
257:
223:Bureau de change
156:Currency forward
125:Futures exchange
46:Foreign exchange
43:
42:
21:
6034:
6033:
6029:
6028:
6027:
6025:
6024:
6023:
6009:
6008:
6000:Forex Resources
5974:Bank of England
5966:
5961:
5960:
5950:
5948:
5935:
5931:
5921:
5919:
5912:
5908:
5899:
5895:
5885:
5883:
5873:
5869:
5838:
5834:
5826:
5822:
5814:
5810:
5796:Wayback Machine
5786:
5782:
5775:
5759:
5755:
5742:
5738:
5723:
5719:
5706:
5702:
5692:
5690:
5689:on 27 June 2013
5677:
5676:
5672:
5636:
5630:
5626:
5622:(pdf chapter 1)
5618:
5614:
5599:
5598:
5594:
5586:
5575:
5571:
5570:
5566:
5556:
5554:
5553:. 29 April 2015
5545:
5544:
5540:
5528:
5524:
5523:
5519:
5507:
5503:
5502:
5498:
5483:
5479:
5469:
5465:
5455:
5453:
5441:
5437:
5427:
5425:
5418:
5414:
5396:
5392:
5384:
5378:
5374:
5364:
5362:
5346:
5342:
5341:
5337:
5302:
5295:
5284:
5280:
5268:
5264:
5256:
5252:
5242:
5240:
5224:
5220:
5219:
5215:
5199:
5195:
5176:
5172:
5153:
5149:
5133:
5129:
5113:
5109:
5090:
5086:
5076:
5074:
5072:
5056:
5052:
5042:
5040:
5038:
5022:
5018:
5008:
5006:
5004:
4988:
4984:
4969:
4965:
4946:
4942:
4926:
4922:
4906:
4902:
4893:
4891:
4889:
4865:
4861:
4851:
4849:
4841:
4840:
4836:
4826:
4824:
4816:
4815:
4811:
4796:
4792:
4774:
4770:
4754:
4750:
4743:
4727:
4723:
4718:
4714:
4698:
4694:
4670:
4666:
4650:
4646:
4626:
4622:
4606:
4602:
4593:
4589:
4570:
4566:
4561:
4557:
4541:
4537:
4521:
4517:
4507:
4505:
4495:
4491:
4475:
4471:
4455:
4451:
4446:
4442:
4426:
4422:
4406:
4402:
4386:
4382:
4365:
4361:
4345:
4341:
4334:
4318:
4314:
4302:
4298:
4282:
4278:
4269:
4265:
4246:
4242:
4237:
4233:
4228:
4224:
4213:RA De Roover –
4212:
4208:
4189:(page 130 of )
4188:
4184:
4168:
4164:
4145:
4141:
4124:
4120:
4101:
4097:
4078:
4074:
4055:
4051:
4032:
4028:
4009:
4005:
3996:
3995:
3986:
3976:Wayback Machine
3967:
3963:
3951:
3947:
3942:
3937:
3868:
3846:
3844:Further reading
3833:
3827:
3802:
3796:
3782:Gregory Millman
3741:Joseph Stiglitz
3729:Milton Friedman
3721:
3712:
3706:
3693:
3691:Currency future
3687:
3678:
3672:
3663:
3657:
3644:
3638:
3621:
3615:
3610:
3579:business cycles
3549:
3524:
3488:budget deficits
3477:monetary policy
3461:
3402:
3243:Climate finance
3172:
3158:
3086:
3085:
3065:
3064:
3059:Hybrid security
2997:Preferred stock
2967:
2958:High-yield debt
2953:Government bond
2879:
2873:
2728:
2725:
2722:
2685:
2444:Philippine peso
1952:Norwegian krone
1790:Canadian dollar
1613:
1600:
1589:
1562:
1561:
1557:
1511:
1503:Main articles:
1501:
1468:
1400:
1394:
1370:
1341:
1316:
1303:
1243:
1223:
1203:
1183:
1163:
1143:
1123:
1103:
1083:
1063:
1041:
1035:
1029:
979:
936:
932:
928:
924:
901:
859:
837:
790:
747:
718:
688:
643:
638:
624:
616:
607:
598:
588:
581:
574:
570:
566:
559:
379:currency market
361:
353:
351:
343:
341:
333:
331:
330:) exchange rate
319:
317:
314:Canadian dollar
309:
307:
293:
291:
287:
275:
151:Currency future
39:
28:
23:
22:
15:
12:
11:
5:
6032:
6022:
6021:
6007:
6006:
5997:
5991:
5989:Bank of Canada
5982:
5976:
5965:
5964:External links
5962:
5959:
5958:
5929:
5906:
5893:
5867:
5832:
5820:
5808:
5780:
5773:
5753:
5736:
5724:Sam Y. Cross,
5717:
5700:
5670:
5624:
5612:
5592:
5564:
5538:
5517:
5496:
5477:
5463:
5435:
5412:
5398:Alan Greenspan
5390:
5372:
5335:
5293:
5278:
5262:
5250:
5213:
5193:
5170:
5147:
5127:
5107:
5096:Cato Institute
5084:
5070:
5050:
5036:
5016:
5003:978-0470464007
5002:
4982:
4963:
4940:
4920:
4900:
4887:
4859:
4834:
4809:
4790:
4768:
4748:
4741:
4721:
4712:
4692:
4664:
4644:
4620:
4600:
4587:
4564:
4555:
4535:
4515:
4489:
4469:
4449:
4440:
4420:
4400:
4380:
4359:
4339:
4332:
4312:
4296:
4276:
4263:
4240:
4231:
4222:
4206:
4182:
4162:
4148:Global Banking
4139:
4118:
4095:
4072:
4049:
4033:GW Bromiley –
4026:
4003:
3984:
3961:
3944:
3943:
3941:
3938:
3936:
3935:
3933:World currency
3930:
3925:
3920:
3915:
3913:Leads and lags
3910:
3905:
3900:
3895:
3890:
3885:
3880:
3878:Currency codes
3875:
3869:
3867:
3864:
3863:
3862:
3853:
3845:
3842:
3829:Main article:
3826:
3823:
3795:
3792:
3720:
3717:
3708:Main article:
3705:
3702:
3689:Main article:
3686:
3683:
3674:Main article:
3671:
3668:
3656:
3653:
3637:
3634:
3617:Main article:
3614:
3611:
3609:
3606:
3605:
3604:
3597:
3593:
3586:cognitive bias
3582:
3575:
3564:capital flight
3548:
3545:
3523:
3520:
3519:
3518:
3515:
3507:
3499:
3496:trade deficits
3491:
3484:
3481:interest rates
3460:
3457:
3441:
3440:
3436:
3429:
3404:
3403:
3401:
3400:
3393:
3386:
3378:
3375:
3374:
3373:
3372:
3367:
3362:
3357:
3352:
3347:
3342:
3337:
3332:
3327:
3322:
3321:
3320:
3315:
3310:
3305:
3300:
3295:
3290:
3285:
3280:
3275:
3265:
3260:
3255:
3250:
3245:
3240:
3235:
3230:
3225:
3220:
3218:Angel investor
3215:
3207:
3206:
3202:
3201:
3200:
3199:
3194:
3189:
3181:
3180:
3174:
3173:
3171:
3170:
3165:
3159:
3157:
3156:
3151:
3145:
3142:
3141:
3135:
3134:
3133:
3132:
3130:Swap (finance)
3127:
3122:
3117:
3112:
3107:
3102:
3097:
3092:
3084:
3083:
3077:
3070:
3066:
3063:
3062:
3056:
3051:
3044:
3040:
3037:
3036:
3032:
3031:
3030:
3029:
3024:
3022:Stock exchange
3019:
3014:
3009:
3004:
2999:
2994:
2989:
2981:
2980:
2974:
2973:
2972:
2971:
2969:Securitization
2965:
2963:Municipal bond
2960:
2955:
2950:
2945:
2943:Corporate bond
2940:
2938:Bond valuation
2932:
2931:
2925:
2924:
2923:
2922:
2910:
2902:
2901:
2893:
2892:
2886:
2885:
2875:Main article:
2872:
2869:
2857:
2856:
2847:
2844:
2790:trade deficits
2788:), budget and
2718:
2717:
2715:
2712:
2709:
2705:
2704:
2696:
2693:
2690:
2682:
2681:
2673:
2670:
2667:
2664:
2661:
2659:Argentine peso
2655:
2654:
2647:
2644:
2641:
2638:
2635:
2629:
2628:
2621:
2618:
2615:
2607:
2604:
2602:Bahraini dinar
2598:
2597:
2590:
2587:
2584:
2581:
2578:
2572:
2571:
2564:
2561:
2558:
2555:
2552:
2546:
2545:
2537:
2534:
2531:
2528:
2525:
2519:
2518:
2511:
2508:
2505:
2502:
2499:
2497:Colombian peso
2493:
2492:
2485:
2482:
2479:
2476:
2473:
2467:
2466:
2458:
2455:
2452:
2449:
2446:
2440:
2439:
2432:
2429:
2426:
2418:
2415:
2409:
2408:
2401:
2398:
2395:
2392:
2389:
2383:
2382:
2374:
2371:
2368:
2365:
2362:
2356:
2355:
2347:
2344:
2341:
2338:
2335:
2329:
2328:
2320:
2317:
2314:
2306:
2303:
2297:
2296:
2289:
2286:
2283:
2280:
2277:
2271:
2270:
2263:
2260:
2257:
2254:
2251:
2245:
2244:
2236:
2233:
2230:
2227:
2224:
2218:
2217:
2209:
2206:
2203:
2200:
2197:
2191:
2190:
2182:
2179:
2176:
2173:
2170:
2164:
2163:
2155:
2152:
2149:
2146:
2143:
2137:
2136:
2128:
2125:
2122:
2119:
2116:
2114:Brazilian real
2110:
2109:
2101:
2098:
2095:
2092:
2089:
2083:
2082:
2074:
2071:
2068:
2065:
2062:
2056:
2055:
2047:
2044:
2041:
2038:
2035:
2029:
2028:
2020:
2017:
2014:
2011:
2008:
2002:
2001:
1993:
1990:
1987:
1984:
1981:
1975:
1974:
1966:
1963:
1960:
1957:
1954:
1948:
1947:
1939:
1936:
1933:
1930:
1927:
1921:
1920:
1912:
1909:
1906:
1903:
1900:
1894:
1893:
1885:
1882:
1879:
1876:
1873:
1867:
1866:
1858:
1855:
1852:
1849:
1846:
1840:
1839:
1831:
1828:
1825:
1822:
1819:
1813:
1812:
1804:
1801:
1798:
1795:
1792:
1786:
1785:
1777:
1774:
1771:
1768:
1765:
1759:
1758:
1750:
1747:
1744:
1741:
1738:
1732:
1731:
1723:
1720:
1717:
1714:
1711:
1705:
1704:
1696:
1693:
1690:
1687:
1684:
1678:
1677:
1669:
1666:
1663:
1660:
1657:
1651:
1650:
1642:
1639:
1636:
1633:
1630:
1624:
1623:
1620:
1616:
1615:
1610:
1607:
1602:
1595:
1588:
1587:
1580:
1573:
1565:
1556:
1553:
1505:Payment system
1500:
1497:
1467:
1464:
1396:Main article:
1393:
1390:
1369:
1366:
1340:
1337:
1328:interest rates
1315:
1312:
1302:
1299:
1257:
1256:
1253:
1241:
1237:
1236:
1233:
1221:
1217:
1216:
1213:
1201:
1197:
1196:
1193:
1181:
1177:
1176:
1173:
1161:
1157:
1156:
1153:
1141:
1137:
1136:
1133:
1121:
1117:
1116:
1113:
1101:
1097:
1096:
1093:
1081:
1077:
1076:
1073:
1061:
1057:
1056:
1053:
1050:
1028:
1025:
956:United Kingdom
952:clearing house
937:$ 2.1 trillion
933:$ 6.6 trillion
929:$ 1.9 trillion
925:$ 7.5 trillion
900:
897:
875:Forex controls
858:
855:
836:
833:
789:
786:
754:pound sterling
746:
743:
717:
714:
687:
684:
655:Biblical times
642:
639:
637:
634:
633:
632:
622:
620:currency swaps
614:
608:$ 3.8 trillion
605:
599:$ 1.2 trillion
596:
589:$ 2.1 trillion
582:$ 7.5 trillion
537:
536:
529:
526:
523:exchange rates
519:
508:
505:
449:European Union
402:trading volume
381:) is a global
352:
342:
332:
318:
308:
292:
286:
277:
276:
274:
273:
266:
259:
251:
248:
247:
246:
245:
240:
235:
230:
225:
217:
216:
212:
211:
210:
209:
204:
199:
194:
186:
185:
181:
180:
179:
178:
173:
168:
163:
158:
153:
148:
140:
139:
135:
134:
133:
132:
127:
122:
114:
113:
109:
108:
107:
106:
101:
96:
91:
86:
81:
76:
71:
66:
61:
53:
52:
51:Exchange rates
48:
47:
26:
9:
6:
4:
3:
2:
6031:
6020:
6017:
6016:
6014:
6005:
6001:
5998:
5995:
5992:
5990:
5986:
5983:
5980:
5977:
5975:
5971:
5968:
5967:
5946:
5945:
5940:
5933:
5917:
5910:
5903:
5897:
5882:
5878:
5871:
5863:
5859:
5855:
5851:
5847:
5843:
5836:
5829:
5824:
5817:
5812:
5805:
5804:1-85628-985-0
5801:
5797:
5793:
5790:
5784:
5776:
5770:
5766:
5765:
5757:
5750:
5749:9781533331090
5746:
5740:
5733:
5729:
5728:
5721:
5714:
5710:
5704:
5688:
5684:
5680:
5674:
5666:
5662:
5658:
5654:
5650:
5646:
5642:
5635:
5628:
5621:
5616:
5608:
5607:
5602:
5596:
5585:
5581:
5574:
5568:
5552:
5548:
5542:
5534:
5527:
5521:
5513:
5506:
5500:
5492:
5491:choice.com.au
5488:
5481:
5474:
5473:
5467:
5452:
5451:
5446:
5439:
5423:
5416:
5409:
5405:
5404:
5399:
5394:
5383:
5376:
5360:
5356:
5352:
5345:
5339:
5331:
5327:
5323:
5319:
5315:
5311:
5307:
5300:
5298:
5289:
5282:
5276:
5273:
5272:
5266:
5259:
5254:
5238:
5234:
5230:
5223:
5217:
5211:
5207:
5203:
5197:
5191:
5187:
5183:
5180:
5174:
5168:
5164:
5160:
5157:
5151:
5145:
5141:
5137:
5131:
5125:
5121:
5117:
5111:
5105:
5101:
5097:
5094:
5088:
5073:
5067:
5063:
5062:
5054:
5039:
5033:
5029:
5028:
5020:
5005:
4999:
4995:
4994:
4986:
4980:
4977:
4973:
4967:
4961:
4957:
4953:
4950:
4944:
4938:
4934:
4930:
4924:
4918:
4914:
4910:
4904:
4890:
4884:
4880:
4876:
4872:
4871:
4863:
4848:
4844:
4838:
4823:
4819:
4813:
4807:
4804:
4800:
4794:
4788:
4784:
4780:
4777:
4772:
4766:
4762:
4758:
4755:G Gandolfo –
4752:
4744:
4742:9789028602953
4738:
4734:
4733:
4725:
4716:
4710:
4706:
4702:
4696:
4690:
4686:
4682:
4679:
4678:Forex Trading
4675:
4674:
4668:
4662:
4658:
4654:
4648:
4642:
4638:
4634:
4630:
4624:
4618:
4614:
4610:
4604:
4597:
4591:
4585:
4581:
4577:
4574:
4571:AH Meltzer –
4568:
4559:
4553:
4549:
4545:
4539:
4533:
4529:
4525:
4519:
4504:
4500:
4493:
4487:
4483:
4479:
4473:
4467:
4463:
4459:
4453:
4444:
4438:
4434:
4430:
4424:
4418:
4414:
4410:
4404:
4398:
4394:
4390:
4384:
4377:
4373:
4369:
4363:
4357:
4353:
4349:
4343:
4335:
4329:
4325:
4324:
4316:
4309:
4306:
4300:
4294:
4290:
4286:
4280:
4273:
4267:
4261:
4257:
4253:
4250:
4244:
4235:
4226:
4219:
4216:
4210:
4204:
4200:
4196:
4192:
4186:
4180:
4176:
4172:
4166:
4160:
4156:
4152:
4149:
4143:
4135:
4134:
4129:
4122:
4116:
4112:
4108:
4105:
4099:
4093:
4089:
4085:
4081:
4076:
4070:
4066:
4062:
4059:
4053:
4047:
4043:
4039:
4036:
4030:
4024:
4020:
4016:
4013:
4007:
3999:
3993:
3991:
3989:
3981:
3977:
3973:
3970:
3965:
3958:
3954:
3949:
3945:
3934:
3931:
3929:
3926:
3924:
3921:
3919:
3916:
3914:
3911:
3909:
3906:
3904:
3901:
3899:
3896:
3894:
3891:
3889:
3886:
3884:
3881:
3879:
3876:
3874:
3871:
3870:
3860:
3859:
3854:
3851:
3848:
3847:
3841:
3839:
3832:
3822:
3818:
3816:
3806:
3801:
3800:Hard currency
3794:Risk aversion
3791:
3788:
3783:
3779:
3777:
3773:
3769:
3766:, one of the
3765:
3761:
3757:
3751:
3749:
3748:noise traders
3744:
3742:
3738:
3734:
3730:
3726:
3716:
3711:
3701:
3697:
3692:
3682:
3677:
3667:
3662:
3652:
3649:
3643:
3633:
3631:
3626:
3620:
3601:
3598:
3594:
3591:
3587:
3583:
3580:
3576:
3573:
3569:
3565:
3562:", a type of
3561:
3557:
3556:
3555:
3553:
3544:
3541:
3537:
3533:
3527:
3516:
3512:
3508:
3505:
3500:
3497:
3492:
3489:
3485:
3482:
3478:
3474:
3473:fiscal policy
3470:
3469:
3468:
3466:
3456:
3452:
3450:
3446:
3437:
3433:
3430:
3427:
3426:Fisher effect
3423:
3419:
3418:
3417:
3415:
3411:
3399:
3394:
3392:
3387:
3385:
3380:
3379:
3377:
3376:
3371:
3368:
3366:
3363:
3361:
3358:
3356:
3353:
3351:
3348:
3346:
3343:
3341:
3338:
3336:
3333:
3331:
3328:
3326:
3323:
3319:
3316:
3314:
3311:
3309:
3306:
3304:
3301:
3299:
3296:
3294:
3291:
3289:
3286:
3284:
3281:
3279:
3276:
3274:
3271:
3270:
3269:
3266:
3264:
3261:
3259:
3256:
3254:
3253:Eco-investing
3251:
3249:
3246:
3244:
3241:
3239:
3236:
3234:
3231:
3229:
3228:Asset pricing
3226:
3224:
3221:
3219:
3216:
3214:
3211:
3210:
3209:
3208:
3205:Related areas
3204:
3203:
3198:
3195:
3193:
3190:
3188:
3185:
3184:
3183:
3182:
3179:
3176:
3175:
3169:
3166:
3164:
3161:
3160:
3155:
3152:
3150:
3147:
3146:
3144:
3143:
3140:
3137:
3136:
3131:
3128:
3126:
3123:
3121:
3118:
3116:
3113:
3111:
3108:
3106:
3103:
3101:
3098:
3096:
3093:
3091:
3088:
3087:
3081:
3080:Exchange rate
3078:
3076:
3072:
3071:
3069:
3060:
3057:
3055:
3052:
3050:
3046:
3045:
3043:
3039:
3038:
3035:Other markets
3034:
3033:
3028:
3027:Watered stock
3025:
3023:
3020:
3018:
3015:
3013:
3010:
3008:
3005:
3003:
3000:
2998:
2995:
2993:
2990:
2988:
2985:
2984:
2983:
2982:
2979:
2976:
2975:
2970:
2966:
2964:
2961:
2959:
2956:
2954:
2951:
2949:
2946:
2944:
2941:
2939:
2936:
2935:
2934:
2933:
2930:
2927:
2926:
2921:
2918:
2914:
2911:
2909:
2908:Public market
2906:
2905:
2904:
2903:
2899:
2895:
2894:
2891:
2888:
2887:
2883:
2882:
2878:
2877:Exchange rate
2868:
2864:
2862:
2854:
2853:
2848:
2846:USDJPY: 13.5%
2845:
2843:EURUSD: 22.7%
2842:
2841:
2840:
2838:
2833:
2831:
2826:
2823:
2819:
2815:
2814:base currency
2811:
2807:
2806:currency pair
2802:
2800:
2795:
2791:
2787:
2783:
2779:
2775:
2771:
2766:
2764:
2759:
2757:
2753:
2752:Fxmarketspace
2749:
2745:
2741:
2737:
2733:
2726:
2723:
2716:
2713:
2710:
2706:
2697:
2694:
2691:
2688:
2683:
2674:
2671:
2668:
2665:
2662:
2660:
2657:
2656:
2648:
2645:
2642:
2640:лв., lv., lev
2639:
2636:
2634:
2633:Bulgarian lev
2631:
2630:
2622:
2619:
2616:
2608:
2605:
2603:
2600:
2599:
2591:
2588:
2585:
2582:
2579:
2577:
2574:
2573:
2565:
2562:
2559:
2556:
2553:
2551:
2548:
2547:
2538:
2535:
2532:
2529:
2526:
2524:
2523:Russian ruble
2521:
2520:
2512:
2509:
2506:
2503:
2500:
2498:
2495:
2494:
2486:
2483:
2480:
2477:
2474:
2472:
2469:
2468:
2459:
2456:
2453:
2450:
2447:
2445:
2442:
2441:
2433:
2430:
2427:
2419:
2416:
2414:
2411:
2410:
2402:
2399:
2396:
2393:
2390:
2388:
2385:
2384:
2375:
2372:
2369:
2366:
2363:
2361:
2358:
2357:
2348:
2345:
2342:
2339:
2336:
2334:
2331:
2330:
2321:
2318:
2315:
2307:
2304:
2302:
2299:
2298:
2290:
2287:
2284:
2281:
2278:
2276:
2273:
2272:
2264:
2261:
2258:
2255:
2252:
2250:
2247:
2246:
2237:
2234:
2231:
2228:
2225:
2223:
2220:
2219:
2210:
2207:
2204:
2201:
2198:
2196:
2193:
2192:
2183:
2180:
2177:
2174:
2171:
2169:
2166:
2165:
2156:
2153:
2150:
2147:
2144:
2142:
2139:
2138:
2129:
2126:
2123:
2120:
2117:
2115:
2112:
2111:
2102:
2099:
2096:
2093:
2090:
2088:
2085:
2084:
2075:
2072:
2069:
2066:
2063:
2061:
2058:
2057:
2048:
2045:
2042:
2039:
2036:
2034:
2031:
2030:
2021:
2018:
2015:
2012:
2009:
2007:
2004:
2003:
1994:
1991:
1988:
1985:
1982:
1980:
1977:
1976:
1967:
1964:
1961:
1958:
1955:
1953:
1950:
1949:
1940:
1937:
1934:
1931:
1928:
1926:
1923:
1922:
1913:
1910:
1907:
1904:
1901:
1899:
1898:Swedish krona
1896:
1895:
1886:
1883:
1880:
1877:
1874:
1872:
1869:
1868:
1859:
1856:
1853:
1850:
1847:
1845:
1842:
1841:
1832:
1829:
1826:
1823:
1820:
1818:
1815:
1814:
1805:
1802:
1799:
1796:
1793:
1791:
1788:
1787:
1778:
1775:
1772:
1769:
1766:
1764:
1761:
1760:
1751:
1748:
1745:
1742:
1739:
1737:
1734:
1733:
1724:
1721:
1718:
1715:
1712:
1710:
1707:
1706:
1697:
1694:
1691:
1688:
1685:
1683:
1680:
1679:
1670:
1667:
1664:
1661:
1658:
1656:
1653:
1652:
1643:
1640:
1637:
1634:
1631:
1629:
1626:
1625:
1621:
1618:
1617:
1606:
1599:
1592:
1586:
1581:
1579:
1574:
1572:
1567:
1566:
1552:
1549:
1545:
1543:
1539:
1538:Western Union
1535:
1531:
1527:
1523:
1519:
1515:
1510:
1506:
1496:
1494:
1490:
1486:
1480:
1477:
1473:
1463:
1461:
1460:market makers
1457:
1452:
1448:
1447:market makers
1444:
1440:
1435:
1433:
1429:
1425:
1421:
1417:
1413:
1409:
1405:
1399:
1389:
1387:
1382:
1377:
1374:
1365:
1363:
1358:
1352:
1350:
1345:
1336:
1333:
1329:
1325:
1321:
1314:Central banks
1311:
1309:
1298:
1296:
1292:
1288:
1287:Pension funds
1284:
1283:market makers
1279:
1274:
1272:
1268:
1264:
1254:
1252:
1247:
1242:
1239:
1238:
1234:
1232:
1227:
1222:
1219:
1218:
1214:
1212:
1211:Goldman Sachs
1207:
1202:
1199:
1198:
1194:
1192:
1187:
1182:
1179:
1178:
1174:
1172:
1167:
1162:
1159:
1158:
1154:
1152:
1147:
1142:
1139:
1138:
1134:
1132:
1131:Deutsche Bank
1127:
1122:
1119:
1118:
1114:
1112:
1107:
1102:
1099:
1098:
1094:
1092:
1087:
1082:
1079:
1078:
1074:
1072:
1067:
1062:
1059:
1058:
1055:Market share
1054:
1051:
1048:
1047:
1040:
1034:
1033:Forex scandal
1024:
1022:
1017:
1013:
1009:
1003:
1001:
997:
991:
989:
985:
980:$ 145 billion
976:
974:
970:
966:
962:
957:
953:
949:
944:
942:
922:
918:
914:
905:
896:
894:
891:During 1991,
889:
887:
882:
880:
876:
872:
867:
865:
864:currency pair
854:
852:
848:
843:
835:Markets close
832:
830:
825:
823:
819:
815:
810:
806:
805:Richard Nixon
801:
799:
798:Bank of Tokyo
795:
792:In 1944, the
785:
783:
782:Latin America
778:
773:
771:
767:
766:New York City
763:
759:
755:
750:
742:
740:
735:
733:
732:gold standard
728:
726:
722:
713:
711:
707:
703:
702:
697:
693:
683:
681:
676:
674:
673:Ancient Egypt
669:
667:
662:
660:
656:
652:
648:
630:
625:$ 304 billion
623:
621:
617:$ 124 billion
615:
613:
606:
604:
597:
594:
587:
586:
585:
578:
563:
557:
552:
550:
549:central banks
546:
542:
534:
530:
527:
524:
520:
517:
513:
509:
506:
503:
499:
498:
497:
494:
492:
488:
484:
480:
476:
471:
468:
466:
462:
458:
454:
450:
446:
445:United States
442:
437:
435:
430:
425:
422:
418:
414:
409:
407:
406:credit market
403:
399:
395:
391:
388:
384:
383:decentralized
380:
376:
372:
368:
360:exchange rate
359:
350:exchange rate
349:
340:exchange rate
339:
329:
325:
316:exchange rate
315:
306:
305:exchange rate
303:
299:
283:
272:
267:
265:
260:
258:
253:
252:
250:
249:
244:
241:
239:
236:
234:
233:Currency pair
231:
229:
228:Hard currency
226:
224:
221:
220:
219:
218:
214:
213:
208:
207:Louvre Accord
205:
203:
200:
198:
195:
193:
190:
189:
188:
187:
183:
182:
177:
174:
172:
171:Currency swap
169:
167:
164:
162:
159:
157:
154:
152:
149:
147:
144:
143:
142:
141:
137:
136:
131:
128:
126:
123:
121:
118:
117:
116:
115:
111:
110:
105:
102:
100:
97:
95:
92:
90:
87:
85:
82:
80:
79:Dollarization
77:
75:
72:
70:
67:
65:
64:Exchange rate
62:
60:
59:Currency band
57:
56:
55:
54:
50:
49:
45:
44:
41:
37:
33:
19:
5987:provided by
5949:. Retrieved
5944:The Guardian
5942:
5932:
5920:. Retrieved
5909:
5902:Bantam Press
5896:
5884:. Retrieved
5880:
5870:
5845:
5835:
5823:
5811:
5783:
5763:
5756:
5739:
5726:
5720:
5708:
5703:
5691:. Retrieved
5687:the original
5682:
5673:
5640:
5627:
5615:
5604:
5595:
5567:
5555:. Retrieved
5550:
5541:
5532:
5520:
5511:
5499:
5490:
5480:
5470:
5466:
5454:. Retrieved
5448:
5438:
5426:. Retrieved
5415:
5402:
5393:
5375:
5363:. Retrieved
5350:
5338:
5316:(1): 24–48.
5313:
5309:
5281:
5274:
5271:
5265:
5253:
5241:. Retrieved
5228:
5216:
5196:
5173:
5150:
5134:Y-I Chung –
5130:
5110:
5087:
5075:. Retrieved
5060:
5053:
5041:. Retrieved
5026:
5019:
5007:. Retrieved
4992:
4985:
4975:
4974:H-J Rüstow
4971:
4966:
4943:
4923:
4903:
4892:, retrieved
4869:
4862:
4850:. Retrieved
4846:
4837:
4825:. Retrieved
4821:
4812:
4798:
4793:
4779:Random House
4771:
4751:
4731:
4724:
4715:
4695:
4677:
4673:SFO Magazine
4671:
4667:
4651:N DraKoln –
4647:
4623:
4607:K Butcher –
4603:
4590:
4567:
4558:
4538:
4518:
4506:. Retrieved
4502:
4492:
4472:
4452:
4443:
4423:
4403:
4383:
4362:
4342:
4322:
4315:
4299:
4279:
4266:
4243:
4234:
4225:
4209:
4185:
4170:
4165:
4142:
4131:
4121:
4098:
4075:
4052:
4029:
4010:CR Geisst –
4006:
3964:
3956:
3953:Record, Neil
3948:
3918:Money market
3856:
3834:
3819:
3811:
3780:
3776:George Soros
3752:
3745:
3732:
3722:
3713:
3698:
3694:
3679:
3664:
3645:
3622:
3550:
3528:
3525:
3462:
3453:
3442:
3407:
3355:Market trend
3330:Greenwashing
3187:Participants
3067:
2992:Growth stock
2987:Common stock
2978:Stock market
2948:Fixed income
2916:
2865:
2858:
2850:
2834:
2827:
2821:
2803:
2767:
2760:
2735:
2727:
2724:
2721:
2686:
2576:Peruvian sol
2550:Romanian leu
2387:Chilean peso
2333:Turkish lira
2275:Czech koruna
2168:Polish złoty
2141:Danish krone
2067:$ , NT$ , 元
2033:Mexican peso
2006:Indian rupee
1682:Japanese yen
1614:(2019–2022)
1546:
1542:UAE Exchange
1512:
1481:
1469:
1459:
1455:
1450:
1446:
1442:
1438:
1436:
1401:
1378:
1371:
1353:
1349:market trend
1342:
1320:money supply
1317:
1304:
1295:mutual funds
1275:
1260:
1191:Jump Trading
1038:
1004:
992:
977:
945:
910:
890:
883:
868:
860:
850:
846:
838:
826:
813:
802:
791:
774:
751:
748:
736:
729:
719:
716:Early modern
699:
689:
677:
670:
663:
654:
644:
595:transactions
579:
553:
538:
495:
479:World War II
472:
469:
438:
426:
410:
378:
374:
370:
366:
364:
202:Plaza Accord
119:
40:
5951:27 February
5922:27 February
5533:nptel.ac.in
5365:1 September
5359:Switzerland
5237:Switzerland
5077:15 November
5043:15 November
5009:15 November
4847:www.imf.org
4627:J Madura –
4542:M Sumiya –
4346:S Shamah –
4080:J Hasebroek
3831:Carry trade
3825:Carry trade
3774:in 1997 on
3725:speculators
3719:Speculation
3350:Market risk
3163:Spot market
3120:Reinsurance
3115:Real estate
3105:Mutual fund
3042:Derivatives
3012:Stockbroker
2929:Bond market
2830:correlation
2758:mechanism.
2732:instruments
2413:Saudi riyal
1851:$ , HK$ , 元
1817:Swiss franc
1628:U.S. dollar
1622:April 2022
1619:April 2019
1534:Philippines
1357:dirty float
1351:indicator.
1111:XTX Markets
941:derivatives
921:speculators
842:West German
531:the use of
514:on Sunday (
465:carry trade
5578:(Report).
5456:30 October
5428:31 October
5243:22 October
5210:1557754802
5190:9814293512
5167:0881321044
5144:0195325451
5124:1452766126
5104:1882577612
5091:JA Dorn –
5071:0939934507
5037:1855734915
4960:1551116839
4937:902860295X
4917:0521358698
4787:1448114721
4765:3540434593
4709:007176822X
4689:1934354104
4661:0966624580
4641:0538482966
4617:0730375250
4584:0226520013
4552:0198292511
4532:0273710273
4486:041534901X
4476:J Atkin –
4466:0198282990
4437:0754661210
4417:8120336526
4397:0521225043
4376:9041124268
4366:T Hong –
4356:1119994896
4293:0765607301
4260:0471732834
4203:1893122328
4179:019283410X
4159:0195335937
4115:0521852641
4092:0819601500
4069:0415611873
4056:T Crump –
4046:0802837816
4023:1438109873
3940:References
3798:See also:
3659:See also:
3640:See also:
3568:safe haven
3445:algorithms
3192:Regulation
2920:Securities
2799:order flow
2301:UAE dirham
1532:, and the
1518:Aite Group
1031:See also:
886:Bundesbank
857:After 1973
653:writings (
394:currencies
356: USD/
346: USD/
336: USD/
312: USD/
5918:. Reuters
5862:1556-5068
5330:1042-9573
5200:PJ Quirk
4456:J Wake –
3928:Tobin tax
3815:liquidate
3603:patterns.
3590:Anchoring
3588:known as
3494:example,
3293:corporate
3268:Financial
3090:Commodity
2750:, called
2740:arbitrage
2666:$ , Arg$
2504:$ , Col$
2195:Thai baht
2040:$ , Mex$
1797:$ , Can$
1594:Currency
1470:Non-bank
1326:, and/or
1324:inflation
1071:JP Morgan
973:Hong Kong
969:Singapore
777:Kleinwort
666:Byzantine
647:Holy Land
502:liquidity
6013:Category
5947:. London
5886:18 April
5792:Archived
5693:22 April
5584:Archived
3978:(2007),
3972:Archived
3866:See also
3760:Riksbank
3756:gambling
3540:Thailand
3536:Pakistan
3435:deficit.
3318:services
3308:personal
3303:forecast
3273:analysis
3197:Clearing
3149:Forwards
3075:Currency
2913:Exchange
2756:clearing
2425:, SRl(s)
2394:$ , Ch$
2148:kr., DKr
1986:$ , $ NZ
1824:Fr., fr.
1736:Renminbi
1709:Sterling
1635:$ , US$
1598:ISO 4217
1495:(FEMA).
814:Gandolfo
708:and the
651:Talmudic
562:trillion
560:US$ 7.5
533:leverage
453:Eurozone
328:inverted
215:See also
146:Currency
5657:6486487
5606:Reuters
3737:hedgers
3685:Futures
3636:Forward
3325:Fintech
3288:betting
3278:analyst
3178:Trading
3154:Options
2855:): 9.5%
2835:On the
2794:M&A
2748:Reuters
2313:, Dh(s)
2282:Kč, CZK
2175:zł, Zl
1959:kr, Nkr
1905:kr, Skr
1878:$ , S$
1770:$ , $ A
1605:Symbols
1456:Dealers
1451:Brokers
1443:dealers
1439:brokers
1404:brokers
1075:10.78%
851:Brawley
696:textile
680:pottery
641:Ancient
636:History
629:options
112:Markets
6004:Curlie
5860:
5802:
5771:
5747:
5665:711362
5663:
5655:
5557:4 July
5526:"Data"
5505:"Info"
5406:, the
5328:
5208:
5188:
5165:
5142:
5122:
5102:
5068:
5034:
5000:
4958:
4935:
4915:
4894:4 July
4885:
4852:4 July
4827:4 July
4785:
4763:
4739:
4707:
4687:
4659:
4639:
4615:
4582:
4550:
4530:
4508:4 July
4484:
4464:
4435:
4415:
4395:
4374:
4354:
4330:
4291:
4258:
4201:
4177:
4157:
4113:
4090:
4067:
4044:
4021:
3980:UNCTAD
3704:Option
3313:public
3110:Option
2915:
2736:single
2714:200.0%
2711:200.0%
2708:Total:
2703:0.5pp
2680:0.1pp
2557:—, leu
2544:0.9pp
2530:₽, Rub
2465:0.1pp
2381:0.1pp
2354:0.7pp
2327:0.2pp
2243:0.1pp
2229:₪, NIS
2216:0.1pp
2189:0.1pp
2162:0.1pp
2135:0.2pp
2108:0.1pp
2081:0.2pp
2054:0.2pp
2027:0.1pp
2000:0.4pp
1973:0.1pp
1946:0.1pp
1919:0.2pp
1892:0.6pp
1865:0.9pp
1838:0.3pp
1811:1.2pp
1784:0.4pp
1757:2.7pp
1730:0.1pp
1703:0.1pp
1676:1.8pp
1649:0.2pp
1612:Change
1530:Mexico
1474:offer
1424:margin
1255:4.50%
1235:4.61%
1215:4.62%
1195:5.23%
1175:5.33%
1155:5.50%
1135:7.38%
1115:7.58%
1095:8.13%
913:liquid
770:Berlin
758:London
701:nostro
692:Medici
516:Sydney
421:buyers
390:market
354:
344:
334:
326:/USD (
322:
320:
310:
296:
294:
288:
138:Assets
5653:S2CID
5637:(PDF)
5587:(PDF)
5576:(PDF)
5529:(PDF)
5508:(PDF)
5385:(PDF)
5355:Basel
5347:(PDF)
5233:Basel
5225:(PDF)
3408:In a
3298:crime
3283:asset
3168:Swaps
3100:Money
3007:Stock
2861:table
2852:cable
2763:Tokyo
2340:₺, TL
1722:12.9%
1719:12.8%
1695:16.7%
1692:16.8%
1668:30.5%
1665:32.3%
1641:88.5%
1638:88.3%
1601:code
1526:China
1522:India
1489:FEDAI
1485:India
829:telex
762:Paris
491:fixed
457:Euros
371:forex
18:Forex
5953:2010
5924:2010
5888:2015
5858:ISSN
5800:ISBN
5769:ISBN
5745:ISBN
5695:2013
5661:SSRN
5559:2024
5458:2007
5430:2007
5367:2016
5326:ISSN
5245:2013
5206:ISBN
5186:ISBN
5163:ISBN
5140:ISBN
5120:ISBN
5100:ISBN
5079:2016
5066:ISBN
5045:2016
5032:ISBN
5011:2016
4998:ISBN
4956:ISBN
4933:ISBN
4913:ISBN
4896:2024
4883:ISBN
4854:2024
4829:2024
4783:ISBN
4761:ISBN
4737:ISBN
4705:ISBN
4685:ISBN
4657:ISBN
4637:ISBN
4613:ISBN
4580:ISBN
4548:ISBN
4528:ISBN
4510:2024
4482:ISBN
4462:ISBN
4433:ISBN
4413:ISBN
4393:ISBN
4372:ISBN
4352:ISBN
4328:ISBN
4289:ISBN
4256:ISBN
4199:ISBN
4175:ISBN
4155:ISBN
4111:ISBN
4088:ISBN
4065:ISBN
4042:ISBN
4019:ISBN
3670:Swap
3625:spot
3613:Spot
3572:gold
3538:and
3238:Bull
2837:spot
2695:2.3%
2692:1.8%
2672:0.0%
2669:0.1%
2646:0.0%
2643:0.0%
2620:0.0%
2617:0.0%
2614:, BD
2611:.د.ب
2589:0.1%
2586:0.1%
2563:0.1%
2560:0.1%
2536:0.2%
2533:1.1%
2510:0.2%
2507:0.2%
2484:0.2%
2481:0.2%
2457:0.2%
2454:0.3%
2431:0.2%
2428:0.2%
2400:0.3%
2397:0.3%
2373:0.3%
2370:0.4%
2346:0.4%
2343:1.1%
2319:0.4%
2316:0.2%
2288:0.4%
2285:0.4%
2262:0.4%
2259:0.4%
2235:0.4%
2232:0.3%
2208:0.4%
2205:0.5%
2202:฿, B
2181:0.7%
2178:0.6%
2154:0.7%
2151:0.6%
2127:0.9%
2124:1.1%
2100:1.0%
2097:1.1%
2073:1.1%
2070:0.9%
2046:1.5%
2043:1.7%
2019:1.6%
2016:1.7%
1992:1.7%
1989:2.1%
1965:1.7%
1962:1.8%
1938:1.9%
1935:2.0%
1911:2.2%
1908:2.0%
1884:2.4%
1881:1.8%
1857:2.6%
1854:3.5%
1830:5.2%
1827:4.9%
1803:6.2%
1800:5.0%
1776:6.4%
1773:6.8%
1749:7.0%
1746:4.3%
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