Chapter Summaries
19.1 Understand the nature and importance of the foreign exchange market and learn to read currency exchange rate quotes. (pgs. 608–615)
Summary:
The foreign exchange (FX) market is where one currency is traded for another. This is by far the largest financial market in the world, with a daily trading volume of more than $4 trillion. Trading is dominated by a few key currencies, including the U.S. dollar, the British pound sterling, the Japanese yen, and the euro. The FX market is an over-the-counter market rather than a single exchange location like the New York Stock Exchange, where buyers and sellers get together. This means that market participants (buyers and sellers) are located in major commercial and investment banks ...
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