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High Net Worth Investing by Sam Phoen

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CHAPTER 3

Foreign Exchange

FOREIGN EXCHANGE, or FX for short, is the conversion of one country’s currency into another. The rate at which the exchange is conducted is simply called the Exchange Rate, or FX Rate. One can think of exchange rates as basically the price of one country’s currency in another currency. FX is the largest traded instrument in the world, and it is growing at an explosive pace. According to the BIS Triennial Central Bank Survey, trading in foreign exchange markets averaged $5.3 trillion per day in April 2013. This was up from $4.0 trillion in April 2010 and $3.3 trillion in April 2007. To have a sense of the scale, FX turnover ...

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