The foreign exchange market is a global market where currencies and financial instruments denominated in different currencies are traded. According to the Bank for International Settlements, in 2016, the total value of daily foreign exchange transactions averaged about $5.1 trillion dollars. The dollar accounted for 88 percent of all these transactions followed by the euro, the yen, and the pound. A third of these transactions are carried out in London, followed by New York, Singapore, Hong Kong, and Tokyo.1 The major participants in the foreign exchange market are individuals, corporations, investors, speculators, commercial and investment banks, foreign exchange dealers and brokers, and central banks. A ...
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