UNDERSTANDING FOREIGN EXCHANGE (eBook, ePUB)
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Did you know the foreign exchange market, is the largest financial market on the planet?Every day, trillions of dollars are traded as global currencies are bought and sold, shaping exchange rates and impacting economies across the planet. Operating 24 hours on business days, the Forex market is a truly global and dynamic environment where professional financial institutions dominate trading activity.But what really happens in the Forex market?This eBook will guide you step by step through how the global currency market: how it operates and show you how to manage the risks of currency fluctuati...
Did you know the foreign exchange market, is the largest financial market on the planet?
Every day, trillions of dollars are traded as global currencies are bought and sold, shaping exchange rates and impacting economies across the planet. Operating 24 hours on business days, the Forex market is a truly global and dynamic environment where professional financial institutions dominate trading activity.
But what really happens in the Forex market?
This eBook will guide you step by step through how the global currency market: how it operates and show you how to manage the risks of currency fluctuations using tools such as FX spot, swaps and forwards. You get practical knowledge is enhanced by the multiple choice questions. Let's take a look at the topic outline per chapter.
Chapter 1, Getting Started with the Currency Market, covers the fundamentals of the foreign exchange market, including its organization, key participants, products, and trading motivations. This first step lays the foundation for chapter 2: FX market standards and conventions, with key topics essential to understanding the foreign exchange market, such as settlement timelines, ISO currency codes, FX rate quotations, spreads, and cross rates.
By the end of chapter 2, you will be able to confidently read, interpret, and communicate FX quotes, understand settlement rules, and navigate the conventions that underpin the global currency market.
Chapter 3, An Introduction to Currency Risk and Hedging, outlines the main sources of currency risk exposure and provides a practical example of how such risks can be reduced or eliminated through hedging. This chapter provides a solid understanding of the potential sources of currency risk, the key factors that determine its level, and basic knowledge of how to mitigate FX risk.
The 4th chapter introduces the FX Swaps, one of the most actively traded currency derivatives. After finishing this chapter, you will see that derivatives are not as complicated as they may seem. You will understand how an FX swap is structured, how swap points are calculated to derive FX forward rates, and how currency swaps can be used to bridge timing gaps between settlement dates. In addition, you will learn about currency swap variations, such as cross-currency interest rate swaps and basis swaps.
Finally, chapter 5, Currency Risk Management, uses practical examples to illustrate how to hedge FX risk on foreign-currency payables and receivables. This chapter gives you practical skills how to hedge FX short and long positions, create a synthetic FX forward by combining a spot FX trade with an FX swap, and convert a home-currency price into an FX price.
You can reinforce your understanding and skills by completing the quizzes provided.
Every day, trillions of dollars are traded as global currencies are bought and sold, shaping exchange rates and impacting economies across the planet. Operating 24 hours on business days, the Forex market is a truly global and dynamic environment where professional financial institutions dominate trading activity.
But what really happens in the Forex market?
This eBook will guide you step by step through how the global currency market: how it operates and show you how to manage the risks of currency fluctuations using tools such as FX spot, swaps and forwards. You get practical knowledge is enhanced by the multiple choice questions. Let's take a look at the topic outline per chapter.
Chapter 1, Getting Started with the Currency Market, covers the fundamentals of the foreign exchange market, including its organization, key participants, products, and trading motivations. This first step lays the foundation for chapter 2: FX market standards and conventions, with key topics essential to understanding the foreign exchange market, such as settlement timelines, ISO currency codes, FX rate quotations, spreads, and cross rates.
By the end of chapter 2, you will be able to confidently read, interpret, and communicate FX quotes, understand settlement rules, and navigate the conventions that underpin the global currency market.
Chapter 3, An Introduction to Currency Risk and Hedging, outlines the main sources of currency risk exposure and provides a practical example of how such risks can be reduced or eliminated through hedging. This chapter provides a solid understanding of the potential sources of currency risk, the key factors that determine its level, and basic knowledge of how to mitigate FX risk.
The 4th chapter introduces the FX Swaps, one of the most actively traded currency derivatives. After finishing this chapter, you will see that derivatives are not as complicated as they may seem. You will understand how an FX swap is structured, how swap points are calculated to derive FX forward rates, and how currency swaps can be used to bridge timing gaps between settlement dates. In addition, you will learn about currency swap variations, such as cross-currency interest rate swaps and basis swaps.
Finally, chapter 5, Currency Risk Management, uses practical examples to illustrate how to hedge FX risk on foreign-currency payables and receivables. This chapter gives you practical skills how to hedge FX short and long positions, create a synthetic FX forward by combining a spot FX trade with an FX swap, and convert a home-currency price into an FX price.
You can reinforce your understanding and skills by completing the quizzes provided.
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