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Global Macro Trading: Profiting in a New World Economy by Greg Gliner

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Chapter 7Foreign Exchange in Global Macro

This chapter aims to provide several valuation methods and factors that allow traders to analyze the currency market and, in turn, model this efficiency in other markets. Every country around the globe uses currency to express the price of goods and services. In global markets, currencies can only have value relative to other currencies. Of the four product groups we examine in this book, currencies, or foreign exchange, are the most liquid and heavily traded; $4 trillion is the average daily turnover. Foreign exchange markets are open 24 hours a day starting at 8:15 PM GMT Sunday, and closing at 10 PM GMT on Friday, making it a very accessible product to trade. Currencies are also critical because ...

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