Autorentext

ANDREW NISSENBAUM is the Founder and CEO of Macrofund and a seasoned interbank currency trader. He served as Head of Macro Research at Soros Fund Management's Quantum Fund and ran the top-ranked Hypothesis Macro Fund LTD at the age of 22.

PATRICK CULLEN is a ­Geopolitical Risk Analyst with a PhD from the London School of Economics and Political Science. His work in the intelligence sector includes strategic foresight and horizon scanning. He is a thought leader in early warning and detection of hybrid threats.

Klappentext

An insider's original take on how global currency markets operate in the real world In How Currency Markets Work, a veteran currency trader and a geopolitical risk analyst deliver a comprehensive and street-smart guide for understanding currency markets. The authors combine insights from the worlds of trading, economics, and geopolitics to create an eye-opening and original new take on how currency prices are determined. This book bridges the gap between how currency markets are taught and how they actually trade, using character-driven narratives built on real-world market events and data to explain currency trading successes and failures in intuitive and practical ways. Inside the book:

• Actionable tools and tested strategies for currency trading you can apply immediately to improve your returns and your portfolio's risk profile
• Clear real-world examples of how geopolitical events, wars, and political shifts impact currency values
• Profiles of the speculators, corporate hedgers, and central banks whose interplay shapes exchange rates
• Advanced strategies for options, volatility trading, and exploiting mathematical relationships in currency markets A deeply insightful and accessible exploration of a much-discussed topic, How Currency Markets Work is a powerful new resource for academics, researchers, hedge fund managers, bank traders, policymakers, and practicing and aspiring forex traders.

Inhalt

Preface xiii

Acknowledgments xv

Chapter 1 The Global Currency Market 1

Chapter 2 Speculators: The Bank of China, Proprietary Desks, Hedge Funds, and Retail Traders 17

Chapter 3 Corporate Hedgers: The Hidden Giants of Currency Markets 39

Chapter 4 Market Structure: The Architecture of Major and Emerging Currencies 59

Chapter 5 Trading Political and Geopolitical Risk 81

Chapter 6 The Psychology of Currency Trading 101

Chapter 7 How Traders React to Market Events 123

Chapter 8 Liquidity, Volatility, Basis, and Tail: A Trader's Guide 141

Chapter 9 Stocks, Bonds, and the Currency Markets 159

Chapter 10 Mathematical Patterns in Triangles, Convexity, and Forward Gaps 177

Chapter 11 Advanced Trading: Probability, Volatility, and Speed 195

Appendix 217

Glossary 221

About the Authors 231

Index 233