Inside the Foreign Exchange Universe: (An Essential Guide to Forex)
The foreign exchange (FX) market is the largest financial market and has a daily turnover close to five trillion US dollars. The evolution of the foreign exchange market since the abrogation of the Bretton Woods agreement in 1971 has been remarkable. The FX market, which was once accessible only to large banks and institutions, is now within reach of average people. This significant change stems from market liberalisation, globalisation, and advancements in technology. Most people carry out some sort of foreign exchange transaction very frequently this transaction occurs directly or indirectly. Plus, the fluctuations in exchange rates affect the financial lives of people on a regular basis. Yet the subject of foreign exchange is widely misunderstood because of its intricacies. It is essential to establish a basic understanding of FX because it has an important influence on our earnings, expenditures, savings, and investments. Though a lot has been written on the subject, much of the literature lacks precision. This book fills that gap by providing readers with a condensed and precise explanation of foreign exchange and its market dynamics. Tholoor M Thomas draws on his forty-one years of experience in the foreign exchange market to introduce the forex basics, factors affecting exchange rates, exchange rate arithmetic, exchange rate regimes, options and futures used to hedge currency risks, evolution of the market through history, major market participants, numerous world currencies, and the key jargons used in the industry. This book provides a wealth of information for students of finance, those looking to begin a career in foreign exchange, investment analysts, portfolio managers, and anyone interested in attaining a deeper knowledge of the foreign exchange universe.
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100 centavos 100 centimes base currency basket of currencies bid-offer Bretton Woods buy or sell call option Canadian dollar centimes Central Bank Website Cents country’s currency cross rate currency crisis Currency Currency Code Currency futures currency market currency option currency pair Currency Status dealer December Denomination of Banknotes Denomination of Coins dinar Dirham domestic currency DXY index economic EUR/USD euro exchange rate regime Exchange Rate USD factors financial crisis financial institutions fixed exchange rate floating exchange rate foreign currency foreign exchange market forex forex futures forex market forex trading forward rate Free-floating futures contract global interbank market interest rates intervention investment investor Japanese yen Managed float Monetary Authority monetary policy National Bank Numeric Code Pegged peso Piastres put option Quotation quote Rate as ofDec Republic Reserve Bank sell a currency speculation spot rate Subunit Swiss franc transaction USD/JPY volatility