Fundamental Analysis

USA Forex Market Details | Download Free e-Book

USA Forex Market details

USA Forex Market Details

USA Forex Market details are given bellow_

Today’s over-the-counter global market in foreign exchange meets many of the standards that classical economists expected of a smoothly functioning and effective market. There are many buyers and many sellers. Entry by new participants is generally not too difficult. The over-the-counter market is certainly not confined to a single geographical area as the classical standards required. However, with the advance of technology, information is dispersed quickly and efficiently around the globe, with vast amounts of information on political and economic developments affecting exchange rates. As in commodity markets, identical products are being traded in financial centers all around the world. Essentially, the same marks, dollars, francs, and other currencies are being bought and sold, no matter where the purchase takes place. Traders in different centers are continuously in touch and buying and selling from each other. With trading centers open at the same time, there is no evidence of substantial price differences lasting more than momentarily.

Not all features of today’s over-the-counter market fully conform to the classical ideals. There is not perfect “transparency,” or full and immediate disclosure of all trading activity. Individual traders know about the orders and the flow of trading activity in their own firms, but that information may not be known to everyone else in the market. However, transparency has increased enormously in recent years. With the growth of electronic dealing systems and electronic brokering systems, the price discovery process has become less exclusive and pricing information more broadly disseminated—at least for certain foreign exchange products and currency pairs. Indeed, by most measures, the over-the-counter foreign exchange market is regarded by observers as not only extremely large and liquid, but also efficient and smoothly functioning.

Many persons, both within and outside the Federal Reserve,helped in the preparation of this book, through advice, criticism, and drafting. In the Federal Reserve, first and foremost, before his tragic death, Akbar Akhtar was a close collaborator on the project over an extended period, contributing to all aspects of the effort and helping to produce much of what is here. Dino Kos and his colleagues in the Markets Group were exceedingly helpful. Allan Malz contributed in many important ways. Robin Bensignor, John Kambhu, and Steven Malin also provided much valuable assistance, and Ed Steinberg’s contribution as editor was invaluable. At the Federal Reserve Board, Ralph Smith offered very useful suggestions and comments.

Outside of the Federal Reserve, Michael Paulus of Bank of America contributed profoundly and in many ways to the entire project, both in technical matters and on questions of broader philosophy. Christine Kwon also assisted generously. Members of the trading room staff at Morgan Guaranty were also very helpful. At Fuji Bank, staff officials provided valuable assistance. Richard Levich provided very helpful comments.

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David Richard

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