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class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Ancient"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>Ancient</span> </div> </a> <ul id="toc-Ancient-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Medieval_and_later" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Medieval_and_later"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.2</span> <span>Medieval and later</span> </div> </a> <ul id="toc-Medieval_and_later-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Early_modern" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Early_modern"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.3</span> <span>Early modern</span> </div> </a> <ul id="toc-Early_modern-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Modern_to_post-modern" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Modern_to_post-modern"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.4</span> <span>Modern to post-modern</span> </div> </a> <ul id="toc-Modern_to_post-modern-sublist" class="vector-toc-list"> <li id="toc-After_World_War_II" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#After_World_War_II"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.4.1</span> <span>After World War II</span> </div> </a> <ul id="toc-After_World_War_II-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Markets_close" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Markets_close"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.4.2</span> <span>Markets close</span> </div> </a> <ul id="toc-Markets_close-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-After_1973" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#After_1973"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.4.3</span> <span>After 1973</span> </div> </a> <ul id="toc-After_1973-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Market_size_and_liquidity" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Market_size_and_liquidity"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Market size and liquidity</span> </div> </a> <ul id="toc-Market_size_and_liquidity-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Market_participants" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Market_participants"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Market participants</span> </div> </a> <button aria-controls="toc-Market_participants-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Market participants subsection</span> </button> <ul id="toc-Market_participants-sublist" class="vector-toc-list"> <li id="toc-Commercial_companies" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Commercial_companies"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Commercial companies</span> </div> </a> <ul id="toc-Commercial_companies-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Central_banks" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Central_banks"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Central banks</span> </div> </a> <ul id="toc-Central_banks-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Foreign_exchange_fixing" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Foreign_exchange_fixing"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Foreign exchange fixing</span> </div> </a> <ul id="toc-Foreign_exchange_fixing-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Investment_management_firms" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Investment_management_firms"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4</span> <span>Investment management firms</span> </div> </a> <ul id="toc-Investment_management_firms-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Retail_foreign_exchange_traders" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Retail_foreign_exchange_traders"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.5</span> <span>Retail foreign exchange traders</span> </div> </a> <ul id="toc-Retail_foreign_exchange_traders-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Non-bank_foreign_exchange_companies" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Non-bank_foreign_exchange_companies"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.6</span> <span>Non-bank foreign exchange companies</span> </div> </a> <ul id="toc-Non-bank_foreign_exchange_companies-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Money_transfer/remittance_companies_and_bureaux_de_change" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Money_transfer/remittance_companies_and_bureaux_de_change"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.7</span> <span>Money transfer/remittance companies and bureaux de change</span> </div> </a> <ul id="toc-Money_transfer/remittance_companies_and_bureaux_de_change-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Most_traded_currencies_by_value" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Most_traded_currencies_by_value"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Most traded currencies by value</span> </div> </a> <ul id="toc-Most_traded_currencies_by_value-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Determinants_of_exchange_rates" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Determinants_of_exchange_rates"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Determinants of exchange rates</span> </div> </a> <button aria-controls="toc-Determinants_of_exchange_rates-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Determinants of exchange rates subsection</span> </button> <ul id="toc-Determinants_of_exchange_rates-sublist" class="vector-toc-list"> <li id="toc-Economic_factors" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Economic_factors"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1</span> <span>Economic factors</span> </div> </a> <ul id="toc-Economic_factors-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Political_conditions" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Political_conditions"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.2</span> <span>Political conditions</span> </div> </a> <ul id="toc-Political_conditions-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Market_psychology" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Market_psychology"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.3</span> <span>Market psychology</span> </div> </a> <ul id="toc-Market_psychology-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Financial_instruments" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Financial_instruments"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Financial instruments</span> </div> </a> <button aria-controls="toc-Financial_instruments-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Financial instruments subsection</span> </button> <ul id="toc-Financial_instruments-sublist" class="vector-toc-list"> <li id="toc-Spot" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Spot"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1</span> <span>Spot</span> </div> </a> <ul id="toc-Spot-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Forward" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Forward"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2</span> <span>Forward</span> </div> </a> <ul id="toc-Forward-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Non-deliverable_forward_(NDF)" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Non-deliverable_forward_(NDF)"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.3</span> <span>Non-deliverable forward (NDF)</span> </div> </a> <ul id="toc-Non-deliverable_forward_(NDF)-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Swap" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Swap"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.4</span> <span>Swap</span> </div> </a> <ul id="toc-Swap-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Futures" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Futures"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.5</span> <span>Futures</span> </div> </a> <ul id="toc-Futures-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Option" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Option"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.6</span> <span>Option</span> </div> </a> <ul id="toc-Option-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Speculation" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Speculation"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Speculation</span> </div> </a> <ul id="toc-Speculation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Risk_aversion" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Risk_aversion"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>Risk aversion</span> </div> </a> <ul id="toc-Risk_aversion-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Carry_trade" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Carry_trade"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>Carry trade</span> </div> </a> <ul id="toc-Carry_trade-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">12</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">13</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Foreign exchange market</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 64 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-64" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">64 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%B3%D9%88%D9%82_%D8%B5%D8%B1%D9%81_%D8%A7%D9%84%D8%B9%D9%85%D9%84%D8%A7%D8%AA" title="سوق صرف العملات – Arabic" lang="ar" hreflang="ar" data-title="سوق صرف العملات" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Valyuta_bazar%C4%B1" title="Valyuta bazarı – Azerbaijani" lang="az" hreflang="az" data-title="Valyuta bazarı" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-azb mw-list-item"><a href="https://azb.wikipedia.org/wiki/%D8%A7%D9%88%D9%84%D9%88%D8%B3%D9%84%D8%A7%D8%B1%D8%A2%D8%B1%D8%A7%D8%B3%DB%8C_%D9%88%D8%A7%D9%84%DB%8C%D9%88%D8%AA%D8%A7_%D8%AF%DB%8C%DB%8C%D8%B4%D8%AF%DB%8C%D8%B1%D9%85%D9%87_%D8%A8%D8%A7%D8%B2%D8%A7%D8%B1%DB%8C" title="اولوسلارآراسی والیوتا دییشدیرمه بازاری – South Azerbaijani" lang="azb" hreflang="azb" data-title="اولوسلارآراسی والیوتا دییشدیرمه بازاری" data-language-autonym="تۆرکجه" data-language-local-name="South Azerbaijani" class="interlanguage-link-target"><span>تۆرکجه</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%AC%E0%A7%88%E0%A6%A6%E0%A7%87%E0%A6%B6%E0%A6%BF%E0%A6%95_%E0%A6%AE%E0%A7%81%E0%A6%A6%E0%A7%8D%E0%A6%B0%E0%A6%BE_%E0%A6%AC%E0%A6%BE%E0%A6%9C%E0%A6%BE%E0%A6%B0" title="বৈদেশিক মুদ্রা বাজার – Bangla" lang="bn" hreflang="bn" data-title="বৈদেশিক মুদ্রা বাজার" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%A4%D0%BE%D1%80%D0%B5%D0%BA%D1%81" title="Форекс – Bulgarian" lang="bg" hreflang="bg" data-title="Форекс" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Mercat_de_divises" title="Mercat de divises – Catalan" lang="ca" hreflang="ca" data-title="Mercat de divises" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Forex" title="Forex – Czech" lang="cs" hreflang="cs" data-title="Forex" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Devisenmarkt" title="Devisenmarkt – German" lang="de" hreflang="de" data-title="Devisenmarkt" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Valuutaturg" title="Valuutaturg – Estonian" lang="et" hreflang="et" data-title="Valuutaturg" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%91%CE%B3%CE%BF%CF%81%CE%AC_%CF%83%CF%85%CE%BD%CE%B1%CE%BB%CE%BB%CE%AC%CE%B3%CE%BC%CE%B1%CF%84%CE%BF%CF%82" title="Αγορά συναλλάγματος – Greek" lang="el" hreflang="el" data-title="Αγορά συναλλάγματος" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Mercado_de_divisas" title="Mercado de divisas – Spanish" lang="es" hreflang="es" data-title="Mercado de divisas" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Valutmerkato" title="Valutmerkato – Esperanto" lang="eo" hreflang="eo" data-title="Valutmerkato" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Dibisa-merkatu" title="Dibisa-merkatu – Basque" lang="eu" hreflang="eu" data-title="Dibisa-merkatu" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%A8%D8%A7%D8%B2%D8%A7%D8%B1_%D8%AA%D8%A8%D8%A7%D8%AF%D9%84_%D8%A7%D8%B1%D8%B2%D9%87%D8%A7%DB%8C_%D8%AE%D8%A7%D8%B1%D8%AC%DB%8C" title="بازار تبادل ارزهای خارجی – Persian" lang="fa" hreflang="fa" data-title="بازار تبادل ارزهای خارجی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Forex" title="Forex – French" lang="fr" hreflang="fr" data-title="Forex" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ga mw-list-item"><a href="https://ga.wikipedia.org/wiki/Margadh_airgeadra%C3%AD" title="Margadh airgeadraí – Irish" lang="ga" hreflang="ga" data-title="Margadh airgeadraí" data-language-autonym="Gaeilge" data-language-local-name="Irish" class="interlanguage-link-target"><span>Gaeilge</span></a></li><li class="interlanguage-link interwiki-gl mw-list-item"><a href="https://gl.wikipedia.org/wiki/Forex" title="Forex – Galician" lang="gl" hreflang="gl" data-title="Forex" data-language-autonym="Galego" data-language-local-name="Galician" class="interlanguage-link-target"><span>Galego</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%99%B8%ED%99%98%EC%8B%9C%EC%9E%A5" title="외환시장 – Korean" lang="ko" hreflang="ko" data-title="외환시장" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D4%B1%D6%80%D5%BF%D5%A1%D6%80%D5%AA%D5%B8%D6%82%D5%B5%D5%A9%D5%AB_%D5%B7%D5%B8%D6%82%D5%AF%D5%A1_(%D6%86%D5%B8%D6%80%D5%A5%D6%84%D5%BD)" title="Արտարժույթի շուկա (ֆորեքս) – Armenian" lang="hy" hreflang="hy" data-title="Արտարժույթի շուկա (ֆորեքս)" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%B5%E0%A4%BF%E0%A4%A6%E0%A5%87%E0%A4%B6%E0%A5%80_%E0%A4%AE%E0%A5%81%E0%A4%A6%E0%A5%8D%E0%A4%B0%E0%A4%BE_%E0%A4%AC%E0%A4%BE%E0%A4%9C%E0%A4%BC%E0%A4%BE%E0%A4%B0" title="विदेशी मुद्रा बाज़ार – Hindi" lang="hi" hreflang="hi" data-title="विदेशी मुद्रा बाज़ार" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Devizno_tr%C5%BEi%C5%A1te" title="Devizno tržište – Croatian" lang="hr" hreflang="hr" data-title="Devizno tržište" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Pasar_valuta_asing" title="Pasar valuta asing – Indonesian" lang="id" hreflang="id" data-title="Pasar valuta asing" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Mercato_valutario" title="Mercato valutario – Italian" lang="it" hreflang="it" data-title="Mercato valutario" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%9E%D7%98%D7%91%D7%A2_%D7%97%D7%95%D7%A5" title="מטבע חוץ – Hebrew" lang="he" hreflang="he" data-title="מטבע חוץ" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-jv mw-list-item"><a href="https://jv.wikipedia.org/wiki/Forex" title="Forex – Javanese" lang="jv" hreflang="jv" data-title="Forex" data-language-autonym="Jawa" data-language-local-name="Javanese" class="interlanguage-link-target"><span>Jawa</span></a></li><li class="interlanguage-link interwiki-kn mw-list-item"><a href="https://kn.wikipedia.org/wiki/%E0%B2%B5%E0%B2%BF%E0%B2%A6%E0%B3%87%E0%B2%B6%E0%B3%80_%E0%B2%B5%E0%B2%BF%E0%B2%A8%E0%B2%BF%E0%B2%AE%E0%B2%AF_%E0%B2%AE%E0%B2%BE%E0%B2%B0%E0%B3%81%E0%B2%95%E0%B2%9F%E0%B3%8D%E0%B2%9F%E0%B3%86" title="ವಿದೇಶೀ ವಿನಿಮಯ ಮಾರುಕಟ್ಟೆ – Kannada" lang="kn" hreflang="kn" data-title="ವಿದೇಶೀ ವಿನಿಮಯ ಮಾರುಕಟ್ಟೆ" data-language-autonym="ಕನ್ನಡ" data-language-local-name="Kannada" class="interlanguage-link-target"><span>ಕನ್ನಡ</span></a></li><li class="interlanguage-link interwiki-ka mw-list-item"><a href="https://ka.wikipedia.org/wiki/%E1%83%A4%E1%83%9D%E1%83%A0%E1%83%94%E1%83%A5%E1%83%A1%E1%83%98" title="ფორექსი – Georgian" lang="ka" hreflang="ka" data-title="ფორექსი" data-language-autonym="ქართული" data-language-local-name="Georgian" class="interlanguage-link-target"><span>ქართული</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D0%92%D0%B0%D0%BB%D1%8E%D1%82%D0%B0_%D0%BD%D0%B0%D1%80%D1%8B%D2%93%D1%8B" title="Валюта нарығы – Kazakh" lang="kk" hreflang="kk" data-title="Валюта нарығы" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Val%C5%ABtas_tirgus" title="Valūtas tirgus – Latvian" lang="lv" hreflang="lv" data-title="Valūtas tirgus" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Valiut%C5%B3_rinka" title="Valiutų rinka – Lithuanian" lang="lt" hreflang="lt" data-title="Valiutų rinka" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Nemzetk%C3%B6zi_devizapiac" title="Nemzetközi devizapiac – Hungarian" lang="hu" hreflang="hu" data-title="Nemzetközi devizapiac" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%94%D0%B5%D0%B2%D0%B8%D0%B7%D0%B5%D0%BD_%D0%BF%D0%B0%D0%B7%D0%B0%D1%80" title="Девизен пазар – Macedonian" lang="mk" hreflang="mk" data-title="Девизен пазар" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-arz mw-list-item"><a href="https://arz.wikipedia.org/wiki/%D9%81%D9%88%D8%B1%D9%83%D8%B3" title="فوركس – Egyptian Arabic" lang="arz" hreflang="arz" data-title="فوركس" data-language-autonym="مصرى" data-language-local-name="Egyptian Arabic" class="interlanguage-link-target"><span>مصرى</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Pasaran_pertukaran_asing" title="Pasaran pertukaran asing – Malay" lang="ms" hreflang="ms" data-title="Pasaran pertukaran asing" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-mn mw-list-item"><a href="https://mn.wikipedia.org/wiki/%D0%92%D0%B0%D0%BB%D1%8E%D1%82_%D0%B0%D1%80%D0%B8%D0%BB%D0%B6%D0%B0%D0%B0%D0%BD%D1%8B_%D0%B7%D0%B0%D1%85_%D0%B7%D1%8D%D1%8D%D0%BB" title="Валют арилжааны зах зээл – Mongolian" lang="mn" hreflang="mn" data-title="Валют арилжааны зах зээл" data-language-autonym="Монгол" data-language-local-name="Mongolian" class="interlanguage-link-target"><span>Монгол</span></a></li><li class="interlanguage-link interwiki-my mw-list-item"><a href="https://my.wikipedia.org/wiki/%E1%80%94%E1%80%AD%E1%80%AF%E1%80%84%E1%80%BA%E1%80%84%E1%80%B6%E1%80%90%E1%80%80%E1%80%AC_%E1%80%84%E1%80%BD%E1%80%B1%E1%80%80%E1%80%BC%E1%80%B1%E1%80%B8_%E1%80%88%E1%80%B1%E1%80%B8%E1%80%80%E1%80%BD%E1%80%80%E1%80%BA" title="နိုင်ငံတကာ ငွေကြေး ဈေးကွက် – Burmese" lang="my" hreflang="my" data-title="နိုင်ငံတကာ ငွေကြေး ဈေးကွက်" data-language-autonym="မြန်မာဘာသာ" data-language-local-name="Burmese" class="interlanguage-link-target"><span>မြန်မာဘာသာ</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Valutamarkt" title="Valutamarkt – Dutch" lang="nl" hreflang="nl" data-title="Valutamarkt" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E5%A4%96%E5%9B%BD%E7%82%BA%E6%9B%BF%E5%B8%82%E5%A0%B4" title="外国為替市場 – Japanese" lang="ja" hreflang="ja" data-title="外国為替市場" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/FOREX" title="FOREX – Uzbek" lang="uz" hreflang="uz" data-title="FOREX" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target"><span>Oʻzbekcha / ўзбекча</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Forex" title="Forex – Polish" lang="pl" hreflang="pl" data-title="Forex" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Forex" title="Forex – Portuguese" lang="pt" hreflang="pt" data-title="Forex" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Pia%C8%9B%C4%83_valutar%C4%83" title="Piață valutară – Romanian" lang="ro" hreflang="ro" data-title="Piață valutară" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%92%D0%B0%D0%BB%D1%8E%D1%82%D0%BD%D1%8B%D0%B9_%D1%80%D1%8B%D0%BD%D0%BE%D0%BA" title="Валютный рынок – Russian" lang="ru" hreflang="ru" data-title="Валютный рынок" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sq mw-list-item"><a href="https://sq.wikipedia.org/wiki/Forex" title="Forex – Albanian" lang="sq" hreflang="sq" data-title="Forex" data-language-autonym="Shqip" data-language-local-name="Albanian" class="interlanguage-link-target"><span>Shqip</span></a></li><li class="interlanguage-link interwiki-si mw-list-item"><a href="https://si.wikipedia.org/wiki/%E0%B7%80%E0%B7%92%E0%B6%AF%E0%B7%9A%E0%B7%81%E0%B7%93%E0%B6%BA_%E0%B6%B8%E0%B7%96%E0%B6%BD%E0%B7%8A%E2%80%8D%E0%B6%BA_%E0%B7%84%E0%B7%94%E0%B7%80%E0%B6%B8%E0%B7%8F%E0%B6%BB%E0%B7%94_%E0%B7%80%E0%B7%99%E0%B7%85%E0%B7%99%E0%B6%B3%E0%B6%B4%E0%B7%9C%E0%B7%85" title="විදේශීය මූල්‍ය හුවමාරු වෙළෙඳපොළ – Sinhala" lang="si" hreflang="si" data-title="විදේශීය මූල්‍ය හුවමාරු වෙළෙඳපොළ" data-language-autonym="සිංහල" data-language-local-name="Sinhala" class="interlanguage-link-target"><span>සිංහල</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Foreign_exchange_market" title="Foreign exchange market – Simple English" lang="en-simple" hreflang="en-simple" data-title="Foreign exchange market" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sd mw-list-item"><a href="https://sd.wikipedia.org/wiki/%D9%81%D8%A7%D8%B1%D9%8A%D9%86_%D8%A7%D9%8A%DA%AA%D8%B3%DA%86%D9%8A%D9%86%D8%AC_%D9%85%D8%A7%D8%B1%DA%AA%D9%8A%D9%BD" title="فارين ايڪسچينج مارڪيٽ – Sindhi" lang="sd" hreflang="sd" data-title="فارين ايڪسچينج مارڪيٽ" data-language-autonym="سنڌي" data-language-local-name="Sindhi" class="interlanguage-link-target"><span>سنڌي</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Medzin%C3%A1rodn%C3%BD_dev%C3%ADzov%C3%BD_trh" title="Medzinárodný devízový trh – Slovak" lang="sk" hreflang="sk" data-title="Medzinárodný devízový trh" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/Tr%C5%BEi%C5%A1te_stranih_valuta" title="Tržište stranih valuta – Serbian" lang="sr" hreflang="sr" data-title="Tržište stranih valuta" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-sh mw-list-item"><a href="https://sh.wikipedia.org/wiki/Devizno_tr%C5%BEi%C5%A1te" title="Devizno tržište – Serbo-Croatian" lang="sh" hreflang="sh" data-title="Devizno tržište" data-language-autonym="Srpskohrvatski / српскохрватски" data-language-local-name="Serbo-Croatian" class="interlanguage-link-target"><span>Srpskohrvatski / српскохрватски</span></a></li><li class="interlanguage-link interwiki-su mw-list-item"><a href="https://su.wikipedia.org/wiki/Forex" title="Forex – Sundanese" lang="su" hreflang="su" data-title="Forex" data-language-autonym="Sunda" data-language-local-name="Sundanese" class="interlanguage-link-target"><span>Sunda</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Valuuttamarkkinat" title="Valuuttamarkkinat – Finnish" lang="fi" hreflang="fi" data-title="Valuuttamarkkinat" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Valutamarknad" title="Valutamarknad – Swedish" lang="sv" hreflang="sv" data-title="Valutamarknad" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%B5%E0%AF%86%E0%AE%B3%E0%AE%BF%E0%AE%A8%E0%AE%BE%E0%AE%9F%E0%AF%8D%E0%AE%9F%E0%AF%81%E0%AE%AA%E0%AF%8D_%E0%AE%AA%E0%AE%B0%E0%AE%BF%E0%AE%AE%E0%AE%BE%E0%AE%B1%E0%AF%8D%E0%AE%B1%E0%AE%9A%E0%AF%8D_%E0%AE%9A%E0%AE%A8%E0%AF%8D%E0%AE%A4%E0%AF%88" title="வெளிநாட்டுப் பரிமாற்றச் சந்தை – Tamil" lang="ta" hreflang="ta" data-title="வெளிநாட்டுப் பரிமாற்றச் சந்தை" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-roa-tara mw-list-item"><a href="https://roa-tara.wikipedia.org/wiki/FOREX" title="FOREX – Tarantino" lang="nap-x-tara" hreflang="nap-x-tara" data-title="FOREX" data-language-autonym="Tarandíne" data-language-local-name="Tarantino" class="interlanguage-link-target"><span>Tarandíne</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%95%E0%B8%A5%E0%B8%B2%E0%B8%94%E0%B9%81%E0%B8%A5%E0%B8%81%E0%B9%80%E0%B8%9B%E0%B8%A5%E0%B8%B5%E0%B9%88%E0%B8%A2%E0%B8%99%E0%B8%95%E0%B9%88%E0%B8%B2%E0%B8%87%E0%B8%9B%E0%B8%A3%E0%B8%B0%E0%B9%80%E0%B8%97%E0%B8%A8" title="ตลาดแลกเปลี่ยนต่างประเทศ – Thai" lang="th" hreflang="th" data-title="ตลาดแลกเปลี่ยนต่างประเทศ" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-tg mw-list-item"><a href="https://tg.wikipedia.org/wiki/%D0%91%D0%BE%D0%B7%D0%BE%D1%80%D0%B8_%D1%82%D0%B0%D0%B1%D0%BE%D0%B4%D1%83%D0%BB%D0%B8_%D0%B0%D1%80%D0%B7%D2%B3%D0%BE%D0%B8_%D1%85%D0%BE%D1%80%D0%B8%D2%B7%D3%A3" title="Бозори табодули арзҳои хориҷӣ – Tajik" lang="tg" hreflang="tg" data-title="Бозори табодули арзҳои хориҷӣ" data-language-autonym="Тоҷикӣ" data-language-local-name="Tajik" class="interlanguage-link-target"><span>Тоҷикӣ</span></a></li><li class="interlanguage-link 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/></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">This article's <b><a href="/wiki/Wikipedia:Manual_of_Style/Lead_section" title="Wikipedia:Manual of Style/Lead section">lead section</a> may be too long</b>.<span class="hide-when-compact"> Please read the <a href="/wiki/Wikipedia:Manual_of_Style/Lead_section#Length" title="Wikipedia:Manual of Style/Lead section">length guidelines</a> and help <a class="external text" href="https://en.wikipedia.org/w/index.php?title=Foreign_exchange_market&action=edit">move details into the article's body</a>.</span> <span class="date-container"><i>(<span class="date">October 2024</span>)</i></span></div></td></tr></tbody></table> <p class="mw-empty-elt"> </p> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output 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.sidebar{width:100%!important;clear:both;float:none!important;margin-left:0!important;margin-right:0!important}}body.skin--responsive .mw-parser-output .sidebar a>img{max-width:none!important}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><table class="sidebar nomobile nowraplinks hlist"><tbody><tr><th class="sidebar-title">Foreign exchange</th></tr><tr><th class="sidebar-heading"> Exchange rates</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Currency_band" title="Currency band">Currency band</a></li> <li><a href="/wiki/Exchange_rate" title="Exchange rate">Exchange rate</a></li> <li><a href="/wiki/Exchange_rate_regime" title="Exchange rate regime">Exchange rate regime</a></li> <li><a href="/wiki/Exchange-rate_flexibility" title="Exchange-rate flexibility">Exchange-rate flexibility</a></li> <li><a href="/wiki/Currency_substitution" title="Currency substitution">Dollarization</a></li> <li><a href="/wiki/Fixed_exchange_rate_system" title="Fixed exchange rate system">Fixed exchange rate</a></li> <li><a href="/wiki/Floating_exchange_rate" title="Floating exchange rate">Floating exchange rate</a></li> <li><a href="/wiki/Linked_exchange_rate" class="mw-redirect" title="Linked exchange rate">Linked exchange rate</a></li> <li><a href="/wiki/Managed_float_regime" title="Managed float regime">Managed float regime</a></li> <li><a href="/wiki/Dual_exchange_rate" title="Dual exchange rate">Dual exchange rate</a></li> <li><a href="/wiki/List_of_countries_by_foreign-exchange_reserves" title="List of countries by foreign-exchange reserves">List of countries by foreign-exchange reserves</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Markets</th></tr><tr><td class="sidebar-content"> <ul><li><a class="mw-selflink selflink">Foreign exchange market</a></li> <li><a href="/wiki/Futures_exchange" title="Futures exchange">Futures exchange</a></li> <li><a href="/wiki/Retail_foreign_exchange_trading" title="Retail foreign exchange trading">Retail foreign exchange trading</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Assets</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Currency" title="Currency">Currency</a></li> <li><a href="/wiki/Currency_future" title="Currency future">Currency future</a></li> <li><a href="/wiki/Currency_forward" class="mw-redirect" title="Currency forward">Currency forward</a></li> <li><a href="/wiki/Non-deliverable_forward" title="Non-deliverable forward">Non-deliverable forward</a></li> <li><a href="/wiki/Foreign_exchange_swap" title="Foreign exchange swap">Foreign exchange swap</a></li> <li><a href="/wiki/Currency_swap" title="Currency swap">Currency swap</a></li> <li><a href="/wiki/Foreign_exchange_option" title="Foreign exchange option">Foreign exchange option</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Historical agreements</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Bretton_Woods_Conference" title="Bretton Woods Conference">Bretton Woods Conference</a></li> <li><a href="/wiki/Smithsonian_Agreement" title="Smithsonian Agreement">Smithsonian Agreement</a></li> <li><a href="/wiki/Plaza_Accord" title="Plaza Accord">Plaza Accord</a></li> <li><a href="/wiki/Louvre_Accord" title="Louvre Accord">Louvre Accord</a></li></ul></td> </tr><tr><th class="sidebar-heading"> See also</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Bureau_de_change" title="Bureau de change">Bureau de change</a></li> <li><a href="/wiki/Hard_currency" title="Hard currency">Hard currency</a></li> <li><a href="/wiki/Currency_pair" title="Currency pair">Currency pair</a></li> <li><a href="/wiki/Foreign_exchange_fraud" title="Foreign exchange fraud">Foreign exchange fraud</a></li> <li><a href="/wiki/Currency_intervention" title="Currency intervention">Currency intervention</a></li></ul></td> </tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Foreign_exchange" title="Template:Foreign exchange"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Foreign_exchange" title="Template talk:Foreign exchange"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Foreign_exchange" title="Special:EditPage/Template:Foreign exchange"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:US_Dollar_Index_DXY.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/US_Dollar_Index_DXY.webp/260px-US_Dollar_Index_DXY.webp.png" decoding="async" width="260" height="99" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/US_Dollar_Index_DXY.webp/390px-US_Dollar_Index_DXY.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d4/US_Dollar_Index_DXY.webp/520px-US_Dollar_Index_DXY.webp.png 2x" data-file-width="5566" data-file-height="2114" /></a><figcaption>US Dollar Index DXY <style data-mw-deduplicate="TemplateStyles:r981673959">.mw-parser-output .legend{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .legend-color{display:inline-block;min-width:1.25em;height:1.25em;line-height:1.25;margin:1px 0;text-align:center;border:1px solid black;background-color:transparent;color:black}.mw-parser-output .legend-text{}</style><div class="legend"><span class="legend-color mw-no-invert" style="border: 1px solid #0076BA;background-color:#00A2FF; color:black;"> </span> US Dollar Index (DXY)</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#F27200 solid 3px;"> </span> <a href="/wiki/United_States_dollar" title="United States dollar">USD</a>/<a href="/wiki/GBP" class="mw-redirect" title="GBP">GBP</a> <a href="/wiki/Exchange_rate" title="Exchange rate">exchange rate</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#017100 solid 3px;"> </span> USD/<a href="/wiki/Canadian_dollar" title="Canadian dollar">Canadian dollar</a> exchange rate</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#004D80 solid 3px;"> </span> <a href="/wiki/Euro" title="Euro">EUR</a>/USD (<a href="/wiki/Multiplicative_inverse" title="Multiplicative inverse">inverted</a>) exchange rate</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#BC002D solid 3px;"> </span> USD/<a href="/wiki/Japanese_yen" title="Japanese yen">JPY</a> exchange rate</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#FFCD00 solid 3px;"> </span> USD/<a href="/wiki/Swedish_krona" title="Swedish krona">SEK</a> exchange rate</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:black solid 3px;"> </span> USD/<a href="/wiki/Swiss_franc" title="Swiss franc">CHF</a> exchange rate</div> </figcaption></figure> <p>The <b>foreign exchange market</b> (<b>forex</b>, <b>FX</b> (pronounced "fix"), or <b>currency market</b>) is a global <a href="/wiki/Decentralization" title="Decentralization">decentralized</a> or <a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">over-the-counter (OTC)</a> <a href="/wiki/Market_(economics)" title="Market (economics)">market</a> for the trading of <a href="/wiki/Currency" title="Currency">currencies</a>. This market determines <a href="/wiki/Exchange_rate" title="Exchange rate">foreign exchange rates</a> for every currency. It includes all aspects of buying, selling and exchanging currencies at current or determined prices. In terms of <a href="/wiki/Volume_(finance)" title="Volume (finance)">trading volume</a>, it is by far the largest market in the world, followed by the <a href="/wiki/Bond_market" title="Bond market">credit market</a>.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>The main participants in this market are the <a class="mw-selflink-fragment" href="#Market_participants">larger international banks</a>. <a href="/wiki/Financial_centre" title="Financial centre">Financial centers</a> around the world function as anchors of trading between a wide range of multiple types of <a href="/wiki/Buyer" class="mw-redirect" title="Buyer">buyers</a> and sellers around the clock, with the exception of weekends. Since currencies are always traded in pairs, the foreign exchange market does not set a currency's absolute value but rather determines its relative value by setting the market price of one currency if paid for with another. Ex: 1 USD is worth X CAD, or CHF, or JPY, etc. </p><p>The foreign exchange market works through <a href="/wiki/Financial_institution" title="Financial institution">financial institutions</a> and operates on several levels. Behind the scenes, banks turn to a smaller number of financial firms known as "dealers", who are involved in large quantities of foreign exchange trading. Most foreign exchange dealers are banks, so this behind-the-scenes market is sometimes called the "<a href="/wiki/Interbank_foreign_exchange_market" title="Interbank foreign exchange market">interbank market</a>" (although a few insurance companies and other kinds of financial firms are involved). Trades between foreign exchange dealers can be very large, involving hundreds of millions of dollars. Because of the sovereignty issue when involving two currencies, Forex has little (if any) supervisory entity regulating its actions. </p><p>The foreign exchange market assists <a href="/wiki/International_trade" title="International trade">international trade</a> and investments by enabling currency conversion. For example, it permits a business in the <a href="/wiki/United_States" title="United States">United States</a> to import goods from <a href="/wiki/European_Union" title="European Union">European Union</a> member states, especially <a href="/wiki/Eurozone" title="Eurozone">Eurozone</a> members, and pay <a href="/wiki/Euro" title="Euro">Euros</a>, even though its income is in <a href="/wiki/United_States_dollar" title="United States dollar">United States dollars</a>. It also supports direct speculation and evaluation relative to the value of currencies and the <a href="/wiki/Carry_trade" class="mw-redirect" title="Carry trade">carry trade</a> speculation, based on the differential interest rate between two currencies.<sup id="cite_ref-UNCTAD_2-0" class="reference"><a href="#cite_note-UNCTAD-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>In a typical foreign exchange transaction, a party purchases some quantity of one currency by paying with some quantity of another currency. </p><p>The modern foreign exchange market began forming during the 1970s. This followed three decades of government restrictions on foreign exchange transactions under the <a href="/wiki/Bretton_Woods_system" title="Bretton Woods system">Bretton Woods system</a> of monetary management, which set out the rules for commercial and financial relations among the world's major industrial states after <a href="/wiki/World_War_II" title="World War II">World War II</a>. Countries gradually switched to <a href="/wiki/Floating_exchange_rate" title="Floating exchange rate">floating exchange rates</a> from the previous <a href="/wiki/Exchange_rate_regime" title="Exchange rate regime">exchange rate regime</a>, which remained <a href="/wiki/Fixed_exchange_rate" class="mw-redirect" title="Fixed exchange rate">fixed</a> per the Bretton Woods system. </p><p>The foreign exchange market is unique because of the following characteristics: </p> <ul><li>its huge trading volume, representing the largest asset class in the world leading to high <a href="/wiki/Liquidity" title="Liquidity">liquidity</a>;</li> <li>its geographical dispersion;</li> <li>its continuous operation: 24 hours a day except for weekends, i.e., trading from 22:00 <a href="/wiki/UTC" class="mw-redirect" title="UTC">UTC</a> on Sunday (<a href="/wiki/Sydney" title="Sydney">Sydney</a>) until 22:00 UTC Friday (New York);</li> <li>the variety of factors that affect <a href="/wiki/Exchange_rate" title="Exchange rate">exchange rates</a>;</li> <li>the low margins of relative profit compared with other markets of fixed income; and</li> <li>the use of <a href="/wiki/Leverage_(finance)" title="Leverage (finance)">leverage</a> to enhance profit and loss margins and with respect to account size.</li></ul> <p>As such, it has been referred to as the market closest to the ideal of <a href="/wiki/Perfect_competition" title="Perfect competition">perfect competition</a>, notwithstanding <a href="/wiki/Currency_intervention" title="Currency intervention">currency intervention</a> by <a href="/wiki/Central_bank" title="Central bank">central banks</a>. </p><p>According to the <a href="/wiki/Bank_for_International_Settlements" title="Bank for International Settlements">Bank for International Settlements</a>, the preliminary global results from the 2022 Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Markets Activity show that trading in foreign exchange markets averaged <span style="white-space: nowrap">US$7.5 <a href="/wiki/Trillion_(short_scale)" class="mw-redirect" title="Trillion (short scale)">trillion</a></span> per day in April 2022. This is up from <span style="white-space: nowrap">US$6.6 trillion</span> in April 2019. Measured by value, foreign exchange swaps were traded more than any other instrument in April 2022, at <span style="white-space: nowrap">US$3.8 trillion</span> per day, followed by spot trading at <span style="white-space: nowrap">US$2.1 trillion</span>.<sup id="cite_ref-BIS2022_3-0" class="reference"><a href="#cite_note-BIS2022-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>The <span style="white-space: nowrap">$7.5 trillion</span> break-down is as follows: </p> <ul><li><span style="white-space: nowrap">$2.1 trillion</span> in <a href="/wiki/Foreign_exchange_spot" title="Foreign exchange spot">spot</a> transactions</li> <li><span style="white-space: nowrap">$1.2 trillion</span> in <a href="/wiki/Forward_contract" title="Forward contract">outright forwards</a></li> <li><span style="white-space: nowrap">$3.8 trillion</span> in <a href="/wiki/Foreign_exchange_swap" title="Foreign exchange swap">foreign exchange swaps</a></li> <li><span style="white-space: nowrap">$124 billion</span> <a href="/wiki/Currency_swap" title="Currency swap">currency swaps</a></li> <li><span style="white-space: nowrap">$304 billion</span> in <a href="/wiki/Foreign_exchange_option" title="Foreign exchange option">options</a> and other products</li></ul> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2></div> <div class="mw-heading mw-heading3"><h3 id="Ancient">Ancient</h3></div> <p>Currency trading and exchange first occurred in ancient times.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Money-changers (people helping others to change money and also taking a commission or charging a fee) were living in the <a href="/wiki/Holy_Land" title="Holy Land">Holy Land</a> in the times of the <a href="/wiki/Talmudic" class="mw-redirect" title="Talmudic">Talmudic</a> writings (<i>Biblical times</i>). These people (sometimes called "kollybistẻs") used city stalls, and at feast times the <a href="/wiki/Court_of_the_Gentiles" class="mw-redirect" title="Court of the Gentiles">Temple's Court of the Gentiles</a> instead.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> Money-changers were also the silversmiths and/or goldsmiths<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> of more recent ancient times. </p><p>During the 4th century AD, the <a href="/wiki/Byzantine" class="mw-redirect" title="Byzantine">Byzantine</a> government kept a monopoly on the exchange of currency.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>Papyri PCZ I 59021 (c.259/8 BC), shows the occurrences of exchange of coinage in <a href="/wiki/Ancient_Egypt" title="Ancient Egypt">Ancient Egypt</a>.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>Currency and exchange were important elements of trade in the ancient world, enabling people to buy and sell items like food, <a href="/wiki/Pottery" title="Pottery">pottery</a>, and raw materials.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> If a Greek coin held more gold than an Egyptian coin due to its size or content, then a merchant could barter fewer Greek gold coins for more Egyptian ones, or for more material goods. This is why, at some point in their history, most world currencies in circulation today had a value fixed to a specific quantity of a recognized standard like silver and gold. </p> <div class="mw-heading mw-heading3"><h3 id="Medieval_and_later">Medieval and later</h3></div> <p>During the 15th century, the <a href="/wiki/Medici" class="mw-redirect" title="Medici">Medici</a> family were required to open banks at foreign locations in order to exchange currencies to act on behalf of <a href="/wiki/Textile" title="Textile">textile</a> merchants.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> To facilitate trade, the bank created the <i><a href="/wiki/Nostro_and_Vostro_accounts" class="mw-redirect" title="Nostro and Vostro accounts">nostro</a></i> (from Italian, this translates to "ours") account book which contained two columned entries showing amounts of foreign and local currencies; information pertaining to the keeping of an account with a foreign bank.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> During the 17th (or 18th) century, Amsterdam maintained an active Forex market.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> In 1704, foreign exchange took place between agents acting in the interests of the <a href="/wiki/Kingdom_of_England" title="Kingdom of England">Kingdom of England</a> and the <a href="/wiki/County_of_Holland" title="County of Holland">County of Holland</a>.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Early_modern">Early modern</h3></div> <p><a href="/wiki/Alex._Brown_%26_Sons" title="Alex. Brown & Sons">Alex. Brown & Sons</a> traded foreign currencies around 1850 and was a leading currency trader in the USA.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> In 1880, J.M. do Espírito Santo de Silva (<a href="/wiki/Banco_Esp%C3%ADrito_Santo" title="Banco Espírito Santo">Banco Espírito Santo</a>) applied for and was given permission to engage in a foreign exchange trading business.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>The year 1880 is considered by at least one source to be the beginning of modern foreign exchange: the <a href="/wiki/Gold_standard" title="Gold standard">gold standard</a> began in that year.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p>Prior to the First World War, there was a much more limited control of <a href="/wiki/International_trade" title="International trade">international trade</a>. Motivated by the onset of war, countries abandoned the gold standard monetary system.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Modern_to_post-modern">Modern to post-modern</h3></div> <p>From 1899 to 1913, holdings of countries' foreign exchange increased at an annual rate of 10.8%, while holdings of gold increased at an annual rate of 6.3% between 1903 and 1913.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p><p>At the end of 1913, nearly half of the world's foreign exchange was conducted using the <a href="/wiki/Pound_sterling" title="Pound sterling">pound sterling</a>.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> The number of foreign banks operating within the boundaries of <a href="/wiki/London" title="London">London</a> increased from 3 in 1860, to 71 in 1913. In 1902, there were just two London foreign exchange brokers.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> At the start of the 20th century, trades in currencies was most active in <a href="/wiki/Paris" title="Paris">Paris</a>, <a href="/wiki/New_York_City" title="New York City">New York City</a> and <a href="/wiki/Berlin" title="Berlin">Berlin</a>; Britain remained largely uninvolved until 1914. Between 1919 and 1922, the number of foreign exchange brokers in London increased to 17; and in 1924, there were 40 firms operating for the purposes of exchange.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p><p>During the 1920s, the <a href="/wiki/Kleinwort_Benson" title="Kleinwort Benson">Kleinwort</a> family were known as the leaders of the foreign exchange market, while Japheth, Montagu & Co. and Seligman still warrant recognition as significant FX traders.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> The trade in London began to resemble its modern manifestation. By 1928, Forex trade was integral to the financial functioning of the city. However, during the 1930s, London's pursuit of widespread trade prosperity was hindered by continental exchange controls and additional factors in Europe and <a href="/wiki/Latin_America" title="Latin America">Latin America</a>.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> Some of these additional factors include tariff rates and quota,<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> protectionist policies, trade barriers and taxes, economic depression and agricultural overproduction, and impact of protection on trade. </p> <div class="mw-heading mw-heading4"><h4 id="After_World_War_II">After World War II</h4></div> <p>In 1944, the <a href="/wiki/Bretton_Woods_Accord" class="mw-redirect" title="Bretton Woods Accord">Bretton Woods Accord</a> was signed, allowing currencies to fluctuate within a range of ±1% from the currency's par exchange rate.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> In Japan, the Foreign Exchange Bank Law was introduced in 1954. As a result, the <a href="/wiki/Bank_of_Tokyo" class="mw-redirect" title="Bank of Tokyo">Bank of Tokyo</a> became a center of foreign exchange by September 1954. Between 1954 and 1959, Japanese law was changed to allow foreign exchange dealings in many more Western currencies.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p><p>U.S. President, <a href="/wiki/Richard_Nixon" title="Richard Nixon">Richard Nixon</a> is credited with ending the Bretton Woods Accord and fixed rates of exchange, eventually resulting in a free-floating currency system. After the Accord ended in 1971,<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> the <a href="/wiki/Smithsonian_Agreement" title="Smithsonian Agreement">Smithsonian Agreement</a> allowed rates to fluctuate by up to ±2%. In 1961–62, the volume of foreign operations by the U.S. Federal Reserve was relatively low.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> Those responsible for managing exchange rates then found the boundaries of the Agreement unrealistic. As a result, it led to its discontinuation in March 1973. Afterwards, none of the major currencies (such as the US dollar, the British pound, the euro, or the Japanese yen) were maintained with a capacity for conversion to gold. Instead, organizations relied on reserves of currency to facilitate international trade and back the value of their own currency.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> From 1970 to 1973, the volume of trading in the market increased three-fold.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> At some time (according to <i>Gandolfo</i> during February–March 1973) some of the markets were "split", and a <a href="/wiki/Second-Tier_Foreign_Exchange_Market" title="Second-Tier Foreign Exchange Market">two-tier currency market</a> was subsequently introduced, with <a href="/wiki/Dual_exchange_rate" title="Dual exchange rate">dual currency rates</a>. This was abolished in March 1974.<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> </p><p>Reuters introduced computer monitors during June 1973, replacing the telephones and <a href="/wiki/Telex" title="Telex">telex</a> used previously for trading quotes.<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Markets_close">Markets close</h4></div> <p>Due to the ultimate ineffectiveness of the Bretton Woods Accord and the European Joint Float, the forex markets were forced to close sometime during 1972 and March 1973.<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> This was a result of the collapse of the Bretton Woods System, as major currencies began to float against each other, ultimately leading to the abandonment of the fixed exchange rate system.<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> Meanwhile, the largest purchase of US dollars in the history of 1976<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> was when the <a href="/wiki/West_Germany" title="West Germany">West German</a> government achieved an almost 3 billion dollar acquisition (a figure is given as 2.75 billion in total by The Statesman: Volume 18 1974). This event indicated the impossibility of balancing of exchange rates by the measures of control used at the time, and the monetary system and the foreign exchange markets in West Germany and other countries within Europe closed for two weeks (during February and, or, March 1973. <i>Giersch, Paqué, & Schmieding</i> state closed after purchase of "7.5 million Dmarks" <i>Brawley</i> states "... Exchange markets had to be closed. When they re-opened ... March 1 " that is a large purchase occurred after the close).<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="After_1973">After 1973</h4></div> <p>In developed nations, state control of foreign exchange trading ended in 1973 when complete floating and relatively free market conditions of modern times began.<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> Other sources claim that the first time a <a href="/wiki/Currency_pair" title="Currency pair">currency pair</a> was traded by U.S. retail customers was during 1982, with additional currency pairs becoming available by the next year.<sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> </p><p>On 1 January 1981, as part of changes beginning during 1978, the <a href="/wiki/People%27s_Bank_of_China" title="People's Bank of China">People's Bank of China</a> allowed certain domestic "enterprises" to participate in foreign exchange trading.<sup id="cite_ref-55" class="reference"><a href="#cite_note-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-56" class="reference"><a href="#cite_note-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> Sometime during 1981, the South Korean government ended <a href="/wiki/Forex_controls" class="mw-redirect" title="Forex controls">Forex controls</a> and allowed free trade to occur for the first time. During 1988, the country's government accepted the <a href="/wiki/IMF" class="mw-redirect" title="IMF">IMF</a> quota for international trade.<sup id="cite_ref-57" class="reference"><a href="#cite_note-57"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup> </p><p>Intervention by European banks (especially the <a href="/wiki/Bundesbank" class="mw-redirect" title="Bundesbank">Bundesbank</a>) influenced the Forex market on 27 February 1985.<sup id="cite_ref-58" class="reference"><a href="#cite_note-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> The greatest proportion of all trades worldwide during 1987 were within the United Kingdom (slightly over one quarter). The United States had the second highest involvement in trading.<sup id="cite_ref-59" class="reference"><a href="#cite_note-59"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup> </p><p>During 1991, <a href="/wiki/Iran" title="Iran">Iran</a> changed international agreements with some countries from oil-barter to foreign exchange.<sup id="cite_ref-60" class="reference"><a href="#cite_note-60"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Market_size_and_liquidity">Market size and liquidity</h2></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:G_foreign_exchange_market_turnover.gif" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a3/G_foreign_exchange_market_turnover.gif/300px-G_foreign_exchange_market_turnover.gif" decoding="async" width="300" height="207" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/a/a3/G_foreign_exchange_market_turnover.gif 1.5x" data-file-width="388" data-file-height="268" /></a><figcaption>Main foreign exchange market turnover, 1988–2007, measured in billions of USD.</figcaption></figure> <p>The foreign exchange market is the most <a href="/wiki/Liquidity" title="Liquidity">liquid</a> financial market in the world. Traders include governments and central banks, commercial banks, other <a href="/wiki/Institutional_investor" title="Institutional investor">institutional investors</a> and financial institutions, currency <a href="/wiki/Speculators" class="mw-redirect" title="Speculators">speculators</a>, other commercial corporations, and individuals. According to the 2019 Triennial Central Bank Survey, coordinated by the Bank for International Settlements, average daily turnover was <span style="white-space: nowrap">$7.5 trillion</span> in April 2022 (compared to <span style="white-space: nowrap">$1.9 trillion</span> in 2004).<sup id="cite_ref-BIS2022_3-1" class="reference"><a href="#cite_note-BIS2022-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Of this <span style="white-space: nowrap">$6.6 trillion</span>, <span style="white-space: nowrap">$2.1 trillion</span> was spot transactions and $5.4 trillion was traded in outright forwards, swaps, and other <a href="/wiki/Derivative_(finance)" title="Derivative (finance)">derivatives</a>. </p><p>Foreign exchange is traded in an <a href="/wiki/Over-the-counter_market" class="mw-redirect" title="Over-the-counter market">over-the-counter market</a> where brokers/dealers negotiate directly with one another, so there is no central exchange or <a href="/wiki/Clearing_house_(finance)" title="Clearing house (finance)">clearing house</a>. The biggest geographic trading center is the United Kingdom, primarily London. In April 2022, trading in the <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a> accounted for 38.1% of the total, making it by far the most important center for foreign exchange trading in the world. Owing to London's dominance in the market, a particular currency's quoted price is usually the London market price. For instance, when the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> calculates the value of its <a href="/wiki/Special_drawing_rights" title="Special drawing rights">special drawing rights</a> every day, they use the London market prices at noon that day. Trading in the United States accounted for 19.4%, <a href="/wiki/Singapore" title="Singapore">Singapore</a> and <a href="/wiki/Hong_Kong" title="Hong Kong">Hong Kong</a> account for 9.4% and 7.1%, respectively, and Japan accounted for 4.4%.<sup id="cite_ref-BIS2022_3-2" class="reference"><a href="#cite_note-BIS2022-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>Turnover of exchange-traded foreign exchange futures and options was growing rapidly in 2004–2013, reaching <span style="white-space: nowrap">$145 billion</span> in April 2013 (double the turnover recorded in April 2007).<sup id="cite_ref-BIS13_61-0" class="reference"><a href="#cite_note-BIS13-61"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup> As of April 2022, exchange-traded currency derivatives represent 2% of OTC foreign exchange turnover. Foreign exchange <a href="/wiki/Futures_contract" title="Futures contract">futures contracts</a> were introduced in 1972 at the <a href="/wiki/Chicago_Mercantile_Exchange" title="Chicago Mercantile Exchange">Chicago Mercantile Exchange</a> and are traded more than to most other futures contracts. </p><p>Most developed countries permit the trading of derivative products (such as futures and options on futures) on their exchanges. All these developed countries already have fully convertible capital accounts. Some governments of <a href="/wiki/Emerging_markets" class="mw-redirect" title="Emerging markets">emerging markets</a> do not allow foreign exchange derivative products on their exchanges because they have <a href="/wiki/Capital_control" title="Capital control">capital controls</a>. The use of derivatives is growing in many emerging economies.<sup id="cite_ref-62" class="reference"><a href="#cite_note-62"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup> Countries such as South Korea, South Africa, and India have established currency futures exchanges, despite having some capital controls. </p><p>Foreign exchange trading increased by 20% between April 2007 and April 2010 and has more than doubled since 2004.<sup id="cite_ref-63" class="reference"><a href="#cite_note-63"><span class="cite-bracket">[</span>63<span class="cite-bracket">]</span></a></sup> The increase in turnover is due to a number of factors: the growing importance of foreign exchange as an asset class, the increased trading activity of <a href="/wiki/High-frequency_trading" title="High-frequency trading">high-frequency traders</a>, and the emergence of <a href="/wiki/Retail_investor" class="mw-redirect" title="Retail investor">retail investors</a> as an important market segment. The growth of <a href="/wiki/Electronic_execution" class="mw-redirect" title="Electronic execution">electronic execution</a> and the diverse selection of execution venues has lowered transaction costs, increased market liquidity, and attracted greater participation from many customer types. In particular, electronic trading via online portals has made it easier for retail traders to trade in the foreign exchange market. By 2010, retail trading was estimated to account for up to 10% of spot turnover, or $150 billion per day (see below: <a class="mw-selflink-fragment" href="#Retail_foreign_exchange_traders">Retail foreign exchange traders</a>). </p> <div class="mw-heading mw-heading2"><h2 id="Market_participants">Market participants</h2></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Forex_scandal" title="Forex scandal">Forex scandal</a></div> <table class="wikitable" style="font-size:98%; text-align:center; margin:0 0 1em 1em; float:right;"> <caption><b> Top 10 currency traders</b><sup id="cite_ref-64" class="reference"><a href="#cite_note-64"><span class="cite-bracket">[</span>64<span class="cite-bracket">]</span></a></sup> <br /><small>% of overall volume, June 2020</small> </caption> <tbody><tr style="background-color:background:#eee;"> <th>Rank</th> <th>Name</th> <th>Market share </th></tr> <tr> <td>1</td> <td style="text-align:left;"><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a></span></span> <a href="/wiki/JP_Morgan" class="mw-redirect" title="JP Morgan">JP Morgan</a></td> <td style="text-align:right;">10.78% </td></tr> <tr> <td>2</td> <td style="text-align:left;"><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/Switzerland" title="Switzerland"><img alt="Switzerland" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/08/Flag_of_Switzerland_%28Pantone%29.svg/16px-Flag_of_Switzerland_%28Pantone%29.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/08/Flag_of_Switzerland_%28Pantone%29.svg/24px-Flag_of_Switzerland_%28Pantone%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/08/Flag_of_Switzerland_%28Pantone%29.svg/32px-Flag_of_Switzerland_%28Pantone%29.svg.png 2x" data-file-width="512" data-file-height="512" /></a></span></span> <a href="/wiki/UBS" title="UBS">UBS</a></td> <td style="text-align:right;">8.13% </td></tr> <tr> <td>3</td> <td style="text-align:left;"><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/United_Kingdom" title="United Kingdom"><img alt="United Kingdom" src="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/23px-Flag_of_the_United_Kingdom.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/35px-Flag_of_the_United_Kingdom.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/46px-Flag_of_the_United_Kingdom.svg.png 2x" data-file-width="1200" data-file-height="600" /></a></span></span> <a href="/wiki/XTX_Markets" title="XTX Markets">XTX Markets</a></td> <td style="text-align:right;">7.58% </td></tr> <tr> <td>4</td> <td style="text-align:left;"><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/Germany" title="Germany"><img alt="Germany" src="//upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/23px-Flag_of_Germany.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/35px-Flag_of_Germany.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/46px-Flag_of_Germany.svg.png 2x" data-file-width="1000" data-file-height="600" /></a></span></span> <a href="/wiki/Deutsche_Bank" title="Deutsche Bank">Deutsche Bank</a></td> <td style="text-align:right;">7.38% </td></tr> <tr> <td>5</td> <td style="text-align:left;"><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a></span></span> <a href="/wiki/Citi" class="mw-redirect" title="Citi">Citi</a></td> <td style="text-align:right;">5.50% </td></tr> <tr> <td>6</td> <td style="text-align:left;"><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/United_Kingdom" title="United Kingdom"><img alt="United Kingdom" src="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/23px-Flag_of_the_United_Kingdom.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/35px-Flag_of_the_United_Kingdom.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/46px-Flag_of_the_United_Kingdom.svg.png 2x" data-file-width="1200" data-file-height="600" /></a></span></span> <a href="/wiki/HSBC" title="HSBC">HSBC</a></td> <td style="text-align:right;">5.33% </td></tr> <tr> <td>7</td> <td style="text-align:left;"><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a></span></span> <a href="/wiki/Jump_Trading" title="Jump Trading">Jump Trading</a></td> <td style="text-align:right;">5.23% </td></tr> <tr> <td>8</td> <td style="text-align:left;"><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a></span></span> <a href="/wiki/Goldman_Sachs" title="Goldman Sachs">Goldman Sachs</a></td> <td style="text-align:right;">4.62% </td></tr> <tr> <td>9</td> <td style="text-align:left;"><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a></span></span> <a href="/wiki/State_Street_Corporation" title="State Street Corporation">State Street Corporation</a></td> <td style="text-align:right;">4.61% </td></tr> <tr> <td>10</td> <td style="text-align:left;"><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><a href="/wiki/United_States" title="United States"><img alt="United States" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></a></span></span> <a href="/wiki/Bank_of_America_Merrill_Lynch" class="mw-redirect" title="Bank of America Merrill Lynch">Bank of America Merrill Lynch</a></td> <td style="text-align:right;">4.50% </td></tr></tbody></table> <p>Unlike a stock market, the foreign exchange market is divided into levels of access. At the top is the <a href="/wiki/Interbank_foreign_exchange_market" title="Interbank foreign exchange market">interbank foreign exchange market</a>, which is made up of the largest <a href="/wiki/Commercial_banks" class="mw-redirect" title="Commercial banks">commercial banks</a> and <a href="/wiki/Investment_bank" class="mw-redirect" title="Investment bank">securities dealers</a>. Within the interbank market, spreads represent the gap between the bid (the highest price a buyer is willing to pay) and ask (the lowest price a seller is willing to accept) prices in trading.<sup id="cite_ref-:0_65-0" class="reference"><a href="#cite_note-:0-65"><span class="cite-bracket">[</span>65<span class="cite-bracket">]</span></a></sup> Relationships play a role in a bank's access to interbank market liquidity. Banks with reserve imbalances may prefer to borrow from banks with established relationships and can sometimes secure loans at more favorable interest rates compared to other sources.<sup id="cite_ref-:0_65-1" class="reference"><a href="#cite_note-:0-65"><span class="cite-bracket">[</span>65<span class="cite-bracket">]</span></a></sup> </p><p>The difference between the bid and ask prices widens (for example from 0 to 1 <a href="/wiki/Percentage_in_point" title="Percentage in point">pip</a> to 1–2 pips for currencies such as the EUR) as you go down the levels of access. This is due to volume. If a trader can guarantee large numbers of transactions for large amounts, they can demand a smaller difference between the bid and ask price, which is referred to as a better spread. The levels of access that make up the foreign exchange market are determined by the size of the "line" (the amount of money with which they are trading). The top-tier interbank market accounts for 51% of all transactions.<sup id="cite_ref-BIS16_66-0" class="reference"><a href="#cite_note-BIS16-66"><span class="cite-bracket">[</span>66<span class="cite-bracket">]</span></a></sup> After that, smaller banks, large multinational corporations (requiring risk hedging and cross-border payroll), major hedge funds, and even a few retail <a href="/wiki/Market_maker" title="Market maker">market makers</a> come into play. According to Galati and Melvin, “<a href="/wiki/Pension_fund" title="Pension fund">Pension funds</a>, <a href="/wiki/Insurance_companies" class="mw-redirect" title="Insurance companies">insurance companies</a>, <a href="/wiki/Mutual_fund" title="Mutual fund">mutual funds</a>, and other institutional investors have played an increasingly important role in financial markets in general, and in FX markets in particular, since the early 2000s.” (2004) In addition, he notes, “Hedge funds have grown markedly over the 2001–2004 period in terms of both number and overall size”.<sup id="cite_ref-67" class="reference"><a href="#cite_note-67"><span class="cite-bracket">[</span>67<span class="cite-bracket">]</span></a></sup> Central banks also participate in the foreign exchange market to align currencies to their economic needs. </p> <div class="mw-heading mw-heading3"><h3 id="Commercial_companies">Commercial companies</h3></div> <p>An important part of the foreign exchange market comes from the financial activities of companies seeking foreign exchange to pay for goods or services. Commercial companies often trade fairly small amounts compared to those of banks or speculators, and their trades often have a little short-term impact on market rates. Nevertheless, trade flows are an important factor in the long-term direction of a currency's exchange rate. Some <a href="/wiki/Multinational_corporation" title="Multinational corporation">multinational corporations</a> (MNCs) can have an unpredictable impact when very large positions are covered due to exposures that are not widely known by other market participants. </p> <div class="mw-heading mw-heading3"><h3 id="Central_banks">Central banks</h3></div> <p>National central banks play an important role in the foreign exchange markets. They try to control the <a href="/wiki/Money_supply" title="Money supply">money supply</a>, <a href="/wiki/Inflation" title="Inflation">inflation</a>, and/or <a href="/wiki/Interest_rate" title="Interest rate">interest rates</a> and often have official or unofficial target rates for their currencies. They can use their often substantial <a href="/wiki/Foreign_exchange_reserves" title="Foreign exchange reserves">foreign exchange reserves</a> to stabilize the market. Nevertheless, the effectiveness of central bank "stabilizing speculation" is doubtful because central banks do not go bankrupt if they make large losses as other traders would. There is also no convincing evidence that they actually make a profit from trading. </p> <div class="mw-heading mw-heading3"><h3 id="Foreign_exchange_fixing">Foreign exchange fixing</h3></div> <p><a href="/wiki/Forex_fixing" class="mw-redirect" title="Forex fixing">Foreign exchange fixing</a> is the daily monetary exchange rate fixed by the national bank of each country. The idea is that central banks use the fixing time and exchange rate to evaluate the behavior of their currency. Fixing exchange rates reflect the real value of equilibrium in the market. Banks, dealers, and traders use fixing rates as a <a href="/wiki/Market_trend" title="Market trend">market trend</a> indicator. </p><p>The mere expectation or rumor of a central bank foreign exchange intervention might be enough to stabilize the currency. However, aggressive intervention might be used several times each year in countries with a <a href="/wiki/Managed_float_regime" title="Managed float regime">dirty float</a> currency regime. Central banks do not always achieve their objectives. The combined resources of the market can easily overwhelm any central bank.<sup id="cite_ref-68" class="reference"><a href="#cite_note-68"><span class="cite-bracket">[</span>68<span class="cite-bracket">]</span></a></sup> Several scenarios of this nature were seen in the 1992–93 <a href="/wiki/European_Exchange_Rate_Mechanism" title="European Exchange Rate Mechanism">European Exchange Rate Mechanism</a> collapse, and in more recent times in Asia. </p> <div class="mw-heading mw-heading3"><h3 id="Investment_management_firms">Investment management firms</h3></div> <p><a href="/wiki/Investment_management" title="Investment management">Investment management</a> firms (who typically manage large accounts on behalf of customers such as pension funds and endowments) use the foreign exchange market to facilitate transactions in foreign securities. For example, an investment manager bearing an international equity portfolio needs to purchase and sell several pairs of foreign currencies to pay for foreign securities purchases. </p><p>Some investment management firms also have more speculative specialist <a href="/wiki/Currency_overlay" title="Currency overlay">currency overlay</a> operations, which manage clients' currency exposures with the aim of generating profits as well as limiting risk. While the number of this type of specialist firms is quite small, many have a large value of <a href="/wiki/Assets_under_management" title="Assets under management">assets under management</a> and can, therefore, generate large trades. </p> <div class="mw-heading mw-heading3"><h3 id="Retail_foreign_exchange_traders">Retail foreign exchange traders</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Retail_foreign_exchange_trading" title="Retail foreign exchange trading">Retail foreign exchange trading</a></div> <p>Individual retail speculative traders constitute a growing segment of this market. Currently, they participate indirectly through <a href="/wiki/Commodity_broker" title="Commodity broker">brokers</a> or banks. Retail brokers, while largely controlled and regulated in the US by the <a href="/wiki/Commodity_Futures_Trading_Commission" title="Commodity Futures Trading Commission">Commodity Futures Trading Commission</a> and <a href="/wiki/National_Futures_Association" title="National Futures Association">National Futures Association</a>, have previously been subjected to periodic <a href="/wiki/Foreign_exchange_fraud" title="Foreign exchange fraud">foreign exchange fraud</a>.<sup id="cite_ref-WSJ1_69-0" class="reference"><a href="#cite_note-WSJ1-69"><span class="cite-bracket">[</span>69<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-NYTimes1_70-0" class="reference"><a href="#cite_note-NYTimes1-70"><span class="cite-bracket">[</span>70<span class="cite-bracket">]</span></a></sup> To deal with the issue, in 2010 the NFA required its members that deal in the Forex markets to register as such (i.e., Forex CTA instead of a CTA). Those NFA members that would traditionally be subject to minimum net capital requirements, FCMs and IBs, are subject to greater minimum net capital requirements if they deal in Forex. A number of the foreign exchange brokers operate from the UK under <a href="/wiki/Financial_Services_Authority" title="Financial Services Authority">Financial Services Authority</a> regulations where foreign exchange trading using <a href="/wiki/Margin_(finance)" title="Margin (finance)">margin</a> is part of the wider over-the-counter derivatives trading industry that includes <a href="/wiki/Contracts_for_difference" class="mw-redirect" title="Contracts for difference">contracts for difference</a> and <a href="/wiki/Financial_spread_betting" class="mw-redirect" title="Financial spread betting">financial spread betting</a>. </p><p>There are two main types of retail FX brokers offering the opportunity for speculative currency trading: <i>brokers</i> and <i>dealers</i> or <i>market makers</i>. <i>Brokers</i> serve as an agent of the customer in the broader FX market, by seeking the best price in the market for a retail order and dealing on behalf of the retail customer. They charge a commission or "mark-up" in addition to the price obtained in the market. <i>Dealers</i> or <i>market makers</i>, by contrast, typically act as principals in the transaction versus the retail customer, and quote a price they are willing to deal at. </p> <div class="mw-heading mw-heading3"><h3 id="Non-bank_foreign_exchange_companies">Non-bank foreign exchange companies</h3></div> <p>Non-bank <a href="/wiki/Foreign_exchange_companies" class="mw-redirect" title="Foreign exchange companies">foreign exchange companies</a> offer <a href="/wiki/Currency_exchange" class="mw-redirect" title="Currency exchange">currency exchange</a> and international payments to private individuals and companies. These are also known as "foreign exchange brokers" but are distinct in that they do not offer speculative trading but rather currency exchange with payments (i.e., there is usually a physical delivery of currency to a bank account). </p><p>It is estimated that in the UK, 14% of currency transfers/payments are made via Foreign Exchange Companies.<sup id="cite_ref-71" class="reference"><a href="#cite_note-71"><span class="cite-bracket">[</span>71<span class="cite-bracket">]</span></a></sup> These companies' selling point is usually that they will offer better exchange rates or cheaper payments than the customer's bank.<sup id="cite_ref-72" class="reference"><a href="#cite_note-72"><span class="cite-bracket">[</span>72<span class="cite-bracket">]</span></a></sup> These companies differ from Money Transfer/Remittance Companies in that they generally offer higher-value services. The volume of transactions done through Foreign Exchange Companies in India amounts to about US$2 billion<sup id="cite_ref-73" class="reference"><a href="#cite_note-73"><span class="cite-bracket">[</span>73<span class="cite-bracket">]</span></a></sup> per day. This does not compete favorably with any well developed foreign exchange market of international repute, but with the entry of online Foreign Exchange Companies the market is steadily growing. Around 25% of currency transfers/payments in <a href="/wiki/India" title="India">India</a> are made via non-bank Foreign Exchange Companies.<sup id="cite_ref-74" class="reference"><a href="#cite_note-74"><span class="cite-bracket">[</span>74<span class="cite-bracket">]</span></a></sup> Most of these companies use the USP of better exchange rates than the banks. They are regulated by <a href="/w/index.php?title=FEDAI&action=edit&redlink=1" class="new" title="FEDAI (page does not exist)">FEDAI</a> and any transaction in foreign Exchange is governed by the <a href="/wiki/Foreign_Exchange_Management_Act" title="Foreign Exchange Management Act">Foreign Exchange Management Act, 1999</a> (FEMA). </p> <div class="mw-heading mw-heading3"><h3 id="Money_transfer/remittance_companies_and_bureaux_de_change"><span id="Money_transfer.2Fremittance_companies_and_bureaux_de_change"></span>Money transfer/remittance companies and bureaux de change</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/Payment_system" title="Payment system">Payment system</a> and <a href="/wiki/Bureaux_de_change" class="mw-redirect" title="Bureaux de change">Bureaux de change</a></div> <p><a href="/wiki/Payment_system" title="Payment system">Money transfer companies</a>/remittance companies perform high-volume low-value transfers generally by economic migrants back to their home country. In 2007, the <a href="/w/index.php?title=Aite_Group&action=edit&redlink=1" class="new" title="Aite Group (page does not exist)">Aite Group</a> estimated that there were $369 billion of remittances (an increase of 8% on the previous year). The four largest foreign markets (<a href="/wiki/India" title="India">India</a>, <a href="/wiki/China" title="China">China</a>, <a href="/wiki/Mexico" title="Mexico">Mexico</a>, and the <a href="/wiki/Philippines" title="Philippines">Philippines</a>) receive $95 billion. The largest and best-known provider is <a href="/wiki/Western_Union" title="Western Union">Western Union</a> with 345,000 agents globally, followed by <a href="/wiki/UAE_Exchange" title="UAE Exchange">UAE Exchange</a>.<sup id="cite_ref-75" class="reference"><a href="#cite_note-75"><span class="cite-bracket">[</span>75<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Bureaux_de_change" class="mw-redirect" title="Bureaux de change">Bureaux de change</a> or currency transfer companies provide low-value foreign exchange services for travelers. These are typically located at airports and stations or at tourist locations and allow physical notes to be exchanged from one currency to another. They access foreign exchange markets via banks or non-bank foreign exchange companies. </p> <div class="mw-heading mw-heading2"><h2 id="Most_traded_currencies_by_value">Most traded currencies by value</h2></div> <style data-mw-deduplicate="TemplateStyles:r1226773818">.mw-parser-output .defaultleft{text-align:left}.mw-parser-output .defaultcenter{text-align:center}.mw-parser-output .defaultright{text-align:right}.mw-parser-output .col1left td:nth-child(1),.mw-parser-output .col2left td:nth-child(2),.mw-parser-output .col3left td:nth-child(3),.mw-parser-output .col4left td:nth-child(4),.mw-parser-output .col5left td:nth-child(5),.mw-parser-output .col6left td:nth-child(6),.mw-parser-output .col7left td:nth-child(7),.mw-parser-output .col8left td:nth-child(8),.mw-parser-output .col9left td:nth-child(9),.mw-parser-output .col10left td:nth-child(10),.mw-parser-output .col11left td:nth-child(11),.mw-parser-output .col12left td:nth-child(12),.mw-parser-output .col13left 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.sort-under-right.sortable.wikitable th.headerSort,html.client-js .mw-parser-output .sort-under-right.sortable.wikitable th.unsortable,html.client-js .mw-parser-output .sort-under-center.sortable.wikitable th.headerSort,html.client-js .mw-parser-output .sort-under-center.sortable.wikitable th.unsortable{padding-bottom:1.6em}html.client-js body.skin-timeless .mw-parser-output .sort-under.sortable.wikitable th.headerSort,html.client-js body.skin-timeless .mw-parser-output .sort-under.sortable.wikitable th.unsortable,html.client-js body.skin-timeless .mw-parser-output .sort-under-right.sortable.wikitable th.headerSort,html.client-js body.skin-timeless .mw-parser-output .sort-under-right.sortable.wikitable th.unsortable,html.client-js body.skin-timeless .mw-parser-output .sort-under-center.sortable.wikitable th.headerSort,html.client-js body.skin-timeless .mw-parser-output .sort-under-center.sortable.wikitable th.unsortable{padding-bottom:1.8em}html.client-js .mw-parser-output .static-row-numbers.sort-under.sortable.wikitable thead tr:only-child::before,html.client-js .mw-parser-output .static-row-numbers.sort-under-right.sortable.wikitable thead tr:only-child::before,html.client-js .mw-parser-output .static-row-numbers.sort-under-center.sortable.wikitable thead tr:only-child::before{padding-bottom:1.5em}html.client-js body.skin-timeless .mw-parser-output .static-row-numbers.sort-under.sortable.wikitable thead tr:only-child::before,html.client-js body.skin-timeless .mw-parser-output .static-row-numbers.sort-under-right.sortable.wikitable thead tr:only-child::before,html.client-js body.skin-timeless .mw-parser-output .static-row-numbers.sort-under-center.sortable.wikitable thead tr:only-child::before,html.client-js body.skin-minerva .mw-parser-output .static-row-numbers.sort-under.sortable.wikitable thead tr:only-child::before,html.client-js body.skin-minerva .mw-parser-output .static-row-numbers.sort-under-right.sortable.wikitable thead tr:only-child::before,html.client-js body.skin-minerva .mw-parser-output .static-row-numbers.sort-under-center.sortable.wikitable thead tr:only-child::before{padding-bottom:1.4em}}}</style> <table class="wikitable sortable static-row-numbers sort-under-center col1left col2center col3center col4right col5right col6right"> <caption>Most traded currencies by value<br /><span style="font-size:85%;">Currency distribution of global foreign exchange market turnover</span><sup id="cite_ref-76" class="reference"><a href="#cite_note-76"><span class="cite-bracket">[</span>76<span class="cite-bracket">]</span></a></sup> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini" style="float:right"><ul><li class="nv-view"><a href="/wiki/Template:Most_traded_currencies" title="Template:Most traded currencies"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Most_traded_currencies" title="Template talk:Most traded currencies"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Most_traded_currencies" title="Special:EditPage/Template:Most traded currencies"><abbr title="Edit this template">e</abbr></a></li></ul></div> </caption> <tbody><tr> <th rowspan="2">Currency </th> <th rowspan="2"><a href="/wiki/ISO_4217" title="ISO 4217">ISO 4217</a><br />code </th> <th rowspan="2" class="unsortable"><a href="/wiki/Currency_symbol" title="Currency symbol">Symbol</a> or<br />Abbrev.<sup id="cite_ref-77" class="reference"><a href="#cite_note-77"><span class="cite-bracket">[</span>77<span class="cite-bracket">]</span></a></sup> </th> <th colspan="2">Proportion of daily volume </th> <th rowspan="2">Change<br />(2019–2022) </th></tr> <tr class="static-row-header"> <th>April 2019 </th> <th>April 2022 </th></tr> <tr> <td><a href="/wiki/United_States_dollar" title="United States dollar">U.S. dollar</a></td> <td>USD</td> <td>$, US$</td> <td>88.3%</td> <td>88.5%</td> <td><span typeof="mw:File"><span title="Increase"><img alt="Increase" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/17px-Increase2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/22px-Increase2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 0.2pp </td></tr> <tr> <td><a href="/wiki/Euro" title="Euro">Euro</a></td> <td>EUR</td> <td>€</td> <td>32.3%</td> <td>30.5%</td> <td><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 1.8pp </td></tr> <tr> <td><a href="/wiki/Japanese_yen" title="Japanese yen">Japanese yen</a></td> <td>JPY</td> <td>¥, <span title="Japanese-language text"><span lang="ja">円</span></span></td> <td>16.8%</td> <td>16.7%</td> <td><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 0.1pp </td></tr> <tr> <td><a href="/wiki/Pound_sterling" title="Pound sterling">Sterling</a></td> <td>GBP</td> <td>£</td> <td>12.8%</td> <td>12.9%</td> <td><span typeof="mw:File"><span title="Increase"><img alt="Increase" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/17px-Increase2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/22px-Increase2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 0.1pp </td></tr> <tr> <td><a href="/wiki/Renminbi" title="Renminbi">Renminbi</a></td> <td>CNY</td> <td>¥, <span title="Chinese-language text"><span lang="zh-CN">元</span></span></td> <td>4.3%</td> <td>7.0%</td> <td><span typeof="mw:File"><span title="Increase"><img alt="Increase" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/17px-Increase2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/22px-Increase2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 2.7pp </td></tr> <tr> <td><a href="/wiki/Australian_dollar" title="Australian dollar">Australian dollar</a></td> <td>AUD</td> <td>$, $A</td> <td>6.8%</td> <td>6.4%</td> <td><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 0.4pp </td></tr> <tr> <td><a href="/wiki/Canadian_dollar" title="Canadian dollar">Canadian dollar</a></td> <td>CAD</td> <td>$, Can$</td> <td>5.0%</td> <td>6.2%</td> <td><span typeof="mw:File"><span title="Increase"><img alt="Increase" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/17px-Increase2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/22px-Increase2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 1.2pp </td></tr> <tr> <td><a href="/wiki/Swiss_franc" title="Swiss franc">Swiss franc</a></td> <td>CHF</td> <td>Fr., fr.</td> <td>4.9%</td> <td>5.2%</td> <td><span typeof="mw:File"><span title="Increase"><img alt="Increase" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/17px-Increase2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/22px-Increase2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 0.3pp </td></tr> <tr> <td><a href="/wiki/Hong_Kong_dollar" title="Hong Kong dollar">Hong Kong dollar</a></td> <td>HKD</td> <td>$, HK$, <span title="Chinese-language text"><span lang="zh-HK">元</span></span></td> <td>3.5%</td> <td>2.6%</td> <td><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 0.9pp </td></tr> <tr> <td><a href="/wiki/Singapore_dollar" title="Singapore dollar">Singapore dollar</a></td> <td>SGD</td> <td>$, S$</td> <td>1.8%</td> <td>2.4%</td> <td><span typeof="mw:File"><span title="Increase"><img alt="Increase" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/17px-Increase2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/22px-Increase2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 0.6pp </td></tr> <tr> <td><a href="/wiki/Swedish_krona" title="Swedish krona">Swedish krona</a></td> <td>SEK</td> <td>kr, Skr</td> <td>2.0%</td> <td>2.2%</td> <td><span typeof="mw:File"><span title="Increase"><img alt="Increase" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/17px-Increase2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/22px-Increase2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 0.2pp </td></tr> <tr> <td><a href="/wiki/South_Korean_won" title="South Korean won">South Korean won</a></td> <td>KRW</td> <td>₩, <span title="Korean-language text"><span lang="ko">원</span></span></td> <td>2.0%</td> <td>1.9%</td> <td><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 0.1pp </td></tr> <tr> <td><a href="/wiki/Norwegian_krone" title="Norwegian krone">Norwegian krone</a></td> <td>NOK</td> <td>kr, Nkr</td> <td>1.8%</td> <td>1.7%</td> <td><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 0.1pp </td></tr> <tr> <td><a href="/wiki/New_Zealand_dollar" title="New Zealand dollar">New Zealand dollar</a></td> <td>NZD</td> <td>$, $NZ</td> <td>2.1%</td> <td>1.7%</td> <td><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 0.4pp </td></tr> <tr> <td><a href="/wiki/Indian_rupee" title="Indian rupee">Indian rupee</a></td> <td>INR</td> <td>₹</td> <td>1.7%</td> <td>1.6%</td> <td><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 0.1pp </td></tr> <tr> <td><a href="/wiki/Mexican_peso" title="Mexican peso">Mexican peso</a></td> <td>MXN</td> <td>$, Mex$</td> <td>1.7%</td> <td>1.5%</td> <td><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 0.2pp </td></tr> <tr> <td><a href="/wiki/New_Taiwan_dollar" title="New Taiwan dollar">New Taiwan dollar</a></td> <td>TWD</td> <td>$‎, NT$, <span title="Chinese-language text"><span lang="zh-TW">圓</span></span></td> <td>0.9%</td> <td>1.1%</td> <td><span typeof="mw:File"><span title="Increase"><img alt="Increase" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/17px-Increase2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/22px-Increase2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 0.2pp </td></tr> <tr> <td><a href="/wiki/South_African_rand" title="South African rand">South African rand</a></td> <td>ZAR</td> <td>R</td> <td>1.1%</td> <td>1.0%</td> <td><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 0.1pp </td></tr> <tr> <td><a href="/wiki/Brazilian_real" title="Brazilian real">Brazilian real</a></td> <td>BRL</td> <td>R$</td> <td>1.1%</td> <td>0.9%</td> <td><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 0.2pp </td></tr> <tr> <td><a href="/wiki/Danish_krone" title="Danish krone">Danish krone</a></td> <td>DKK</td> <td>kr., DKr</td> <td>0.6%</td> <td>0.7%</td> <td><span typeof="mw:File"><span title="Increase"><img alt="Increase" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/17px-Increase2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/22px-Increase2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 0.1pp </td></tr> <tr> <td><a href="/wiki/Polish_z%C5%82oty" title="Polish złoty">Polish złoty</a></td> <td>PLN</td> <td>zł‎, Zl</td> <td>0.6%</td> <td>0.7%</td> <td><span typeof="mw:File"><span title="Increase"><img alt="Increase" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/17px-Increase2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/22px-Increase2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 0.1pp </td></tr> <tr> <td><a href="/wiki/Thai_baht" title="Thai baht">Thai baht</a></td> <td>THB</td> <td>฿, B</td> <td>0.5%</td> <td>0.4%</td> <td><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 0.1pp </td></tr> <tr> <td><a href="/wiki/Israeli_new_shekel" title="Israeli new shekel">Israeli new shekel</a></td> <td>ILS</td> <td>₪, NIS</td> <td>0.3%</td> <td>0.4%</td> <td><span typeof="mw:File"><span title="Increase"><img alt="Increase" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/17px-Increase2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/22px-Increase2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 0.1pp </td></tr> <tr> <td><a href="/wiki/Indonesian_rupiah" title="Indonesian rupiah">Indonesian rupiah</a></td> <td>IDR</td> <td>Rp</td> <td>0.4%</td> <td>0.4%</td> <td><span typeof="mw:File"><span title="Steady"><img alt="Steady" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/96/Steady2.svg/11px-Steady2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/96/Steady2.svg/17px-Steady2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/96/Steady2.svg/22px-Steady2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> </td></tr> <tr> <td><a href="/wiki/Czech_koruna" title="Czech koruna">Czech koruna</a></td> <td>CZK</td> <td>Kč, CZK</td> <td>0.4%</td> <td>0.4%</td> <td><span typeof="mw:File"><span title="Steady"><img alt="Steady" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/96/Steady2.svg/11px-Steady2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/96/Steady2.svg/17px-Steady2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/96/Steady2.svg/22px-Steady2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> </td></tr> <tr> <td><a href="/wiki/United_Arab_Emirates_dirham" title="United Arab Emirates dirham">UAE dirham</a></td> <td>AED</td> <td><span title="Arabic-language text"><span lang="ar-AE" dir="rtl">د.إ</span></span>, Dh(s)</td> <td>0.2%</td> <td>0.4%</td> <td><span typeof="mw:File"><span title="Increase"><img alt="Increase" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/17px-Increase2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/22px-Increase2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 0.2pp </td></tr> <tr> <td><a href="/wiki/Turkish_lira" title="Turkish lira">Turkish lira</a></td> <td>TRY</td> <td>₺, TL</td> <td>1.1%</td> <td>0.4%</td> <td><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 0.7pp </td></tr> <tr> <td><a href="/wiki/Hungarian_forint" title="Hungarian forint">Hungarian forint</a></td> <td>HUF</td> <td>Ft</td> <td>0.4%</td> <td>0.3%</td> <td><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 0.1pp </td></tr> <tr> <td><a href="/wiki/Chilean_peso" title="Chilean peso">Chilean peso</a></td> <td>CLP</td> <td>$, Ch$</td> <td>0.3%</td> <td>0.3%</td> <td><span typeof="mw:File"><span title="Steady"><img alt="Steady" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/96/Steady2.svg/11px-Steady2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/96/Steady2.svg/17px-Steady2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/96/Steady2.svg/22px-Steady2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> </td></tr> <tr> <td><a href="/wiki/Saudi_riyal" title="Saudi riyal">Saudi riyal</a></td> <td>SAR</td> <td><span title="Arabic-language text"><span lang="ar-SA" dir="rtl">﷼</span></span>, SRl(s)</td> <td>0.2%</td> <td>0.2%</td> <td><span typeof="mw:File"><span title="Steady"><img alt="Steady" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/96/Steady2.svg/11px-Steady2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/96/Steady2.svg/17px-Steady2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/96/Steady2.svg/22px-Steady2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> </td></tr> <tr> <td><a href="/wiki/Philippine_peso" title="Philippine peso">Philippine peso</a></td> <td>PHP</td> <td>₱</td> <td>0.3%</td> <td>0.2%</td> <td><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 0.1pp </td></tr> <tr> <td><a href="/wiki/Malaysian_ringgit" title="Malaysian ringgit">Malaysian ringgit</a></td> <td>MYR</td> <td>RM</td> <td>0.2%</td> <td>0.2%</td> <td><span typeof="mw:File"><span title="Steady"><img alt="Steady" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/96/Steady2.svg/11px-Steady2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/96/Steady2.svg/17px-Steady2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/96/Steady2.svg/22px-Steady2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> </td></tr> <tr> <td><a href="/wiki/Colombian_peso" title="Colombian peso">Colombian peso</a></td> <td>COP</td> <td>$, Col$</td> <td>0.2%</td> <td>0.2%</td> <td><span typeof="mw:File"><span title="Steady"><img alt="Steady" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/96/Steady2.svg/11px-Steady2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/96/Steady2.svg/17px-Steady2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/96/Steady2.svg/22px-Steady2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> </td></tr> <tr> <td><a href="/wiki/Russian_ruble" title="Russian ruble">Russian ruble</a></td> <td>RUB</td> <td>₽, руб</td> <td>1.1%</td> <td>0.2%</td> <td><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 0.9pp </td></tr> <tr> <td><a href="/wiki/Romanian_leu" title="Romanian leu">Romanian leu</a></td> <td>RON</td> <td>—, leu</td> <td>0.1%</td> <td>0.1%</td> <td><span typeof="mw:File"><span title="Steady"><img alt="Steady" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/96/Steady2.svg/11px-Steady2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/96/Steady2.svg/17px-Steady2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/96/Steady2.svg/22px-Steady2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> </td></tr> <tr> <td><a href="/wiki/Peruvian_sol" title="Peruvian sol">Peruvian sol</a></td> <td>PEN</td> <td>S/.</td> <td>0.1%</td> <td>0.1%</td> <td><span typeof="mw:File"><span title="Steady"><img alt="Steady" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/96/Steady2.svg/11px-Steady2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/96/Steady2.svg/17px-Steady2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/96/Steady2.svg/22px-Steady2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> </td></tr> <tr> <td><a href="/wiki/Bahraini_dinar" title="Bahraini dinar">Bahraini dinar</a></td> <td>BHD</td> <td><span title="Arabic-language text"><span lang="ar-BH" dir="rtl">.د.ب</span></span>, BD</td> <td>0.0%</td> <td>0.0%</td> <td><span typeof="mw:File"><span title="Steady"><img alt="Steady" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/96/Steady2.svg/11px-Steady2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/96/Steady2.svg/17px-Steady2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/96/Steady2.svg/22px-Steady2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> </td></tr> <tr> <td><a href="/wiki/Bulgarian_lev" title="Bulgarian lev">Bulgarian lev</a></td> <td>BGN</td> <td>лв., lv., lev</td> <td>0.0%</td> <td>0.0%</td> <td><span typeof="mw:File"><span title="Steady"><img alt="Steady" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/96/Steady2.svg/11px-Steady2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/96/Steady2.svg/17px-Steady2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/96/Steady2.svg/22px-Steady2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> </td></tr> <tr> <td><a href="/wiki/Argentine_peso" title="Argentine peso">Argentine peso</a></td> <td>ARS</td> <td>$, Arg$</td> <td>0.1%</td> <td>0.0%</td> <td><span typeof="mw:File"><span title="Decrease"><img alt="Decrease" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/11px-Decrease2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/17px-Decrease2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ed/Decrease2.svg/22px-Decrease2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 0.1pp </td></tr> <tr class="static-row-header" style="background:#ECECEC"> <th colspan="3" style="text-align:left"><style data-mw-deduplicate="TemplateStyles:r886047488">.mw-parser-output .nobold{font-weight:normal}</style><span class="nobold"><i>Other currencies</i></span></th> <th style="text-align:right">1.8%</th> <th style="text-align:right">2.3%</th> <th><span typeof="mw:File"><span title="Increase"><img alt="Increase" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/11px-Increase2.svg.png" decoding="async" width="11" height="11" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/17px-Increase2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Increase2.svg/22px-Increase2.svg.png 2x" data-file-width="300" data-file-height="300" /></span></span> 0.5pp </th></tr> <tr> <th colspan="3">Total:</th> <th style="text-align:right">200.0%</th> <th style="text-align:right">200.0%</th> <th> </th></tr></tbody></table> <p><br /> </p><p><br /> </p><p><br /> There is no unified or centrally cleared market for the majority of trades, and there is very little cross-border regulation. Due to the over-the-counter (OTC) nature of currency markets, there are rather a number of interconnected marketplaces, where different currencies <a href="/wiki/Financial_instrument" title="Financial instrument">instruments</a> are traded. This implies that there is not a <i>single</i> exchange rate but rather a number of different rates (prices), depending on what bank or market maker is trading, and where it is. In practice, the rates are quite close due to <a href="/wiki/Arbitrage" title="Arbitrage">arbitrage</a>. Due to London's dominance in the market, a particular currency's quoted price is usually the London market price. Major trading exchanges include <a href="/wiki/Electronic_Broking_Services" title="Electronic Broking Services">Electronic Broking Services</a> (EBS) and Thomson Reuters Dealing, while major banks also offer trading systems. A joint venture of the Chicago Mercantile Exchange and <a href="/wiki/Reuters" title="Reuters">Reuters</a>, called <a href="/wiki/Fxmarketspace" title="Fxmarketspace">Fxmarketspace</a> opened in 2007 and aspired but failed to the role of a central market <a href="/wiki/Clearing_(finance)" title="Clearing (finance)">clearing</a> mechanism.<sup id="cite_ref-78" class="reference"><a href="#cite_note-78"><span class="cite-bracket">[</span>78<span class="cite-bracket">]</span></a></sup> </p><p>The main trading centers are London and New York City, though <a href="/wiki/Tokyo" title="Tokyo">Tokyo</a>, Hong Kong, and Singapore are all important centers as well. Banks throughout the world participate. Currency trading happens continuously throughout the day; as the Asian trading session ends, the European session begins, followed by the North American session and then back to the Asian session. </p><p>Fluctuations in exchange rates are usually caused by actual monetary flows as well as by expectations of changes in monetary flows. These are caused by changes in <a href="/wiki/Gross_domestic_product" title="Gross domestic product">gross domestic product</a> (GDP) growth, inflation (<a href="/wiki/Purchasing_power_parity" title="Purchasing power parity">purchasing power parity</a> theory), interest rates (<a href="/wiki/Interest_rate_parity" title="Interest rate parity">interest rate parity</a>, <a href="/wiki/Fisher_hypothesis" class="mw-redirect" title="Fisher hypothesis">Domestic Fisher effect</a>, <a href="/wiki/International_Fisher_effect" title="International Fisher effect">International Fisher effect</a>), budget and <a href="/wiki/Trade_deficits" class="mw-redirect" title="Trade deficits">trade deficits</a> or surpluses, large cross-border <a href="/wiki/M%26A" class="mw-redirect" title="M&A">M&A</a> deals and other macroeconomic conditions. Major news is released publicly, often on scheduled dates, so many people have access to the same news at the same time. However, large banks have an important advantage; they can see their customers' <a href="/w/index.php?title=Order_flow&action=edit&redlink=1" class="new" title="Order flow (page does not exist)">order flow</a>. </p><p>Currencies are traded against one another in pairs. Each <a href="/wiki/Currency_pair" title="Currency pair">currency pair</a> thus constitutes an individual trading product and is traditionally noted XXXYYY or XXX/YYY, where XXX and YYY are the <a href="/wiki/ISO_4217" title="ISO 4217">ISO 4217 international three-letter code</a> of the currencies involved. The first currency (XXX) is the <a href="/wiki/Base_currency" class="mw-redirect" title="Base currency">base currency</a> that is quoted relative to the second currency (YYY), called the <a href="/wiki/Counter_currency" class="mw-redirect" title="Counter currency">counter currency</a> (or quote currency). For instance, the quotation <i>EURUSD (EUR/USD) 1.5465</i> is the price of the Euro expressed in US dollars, meaning 1 euro = 1.5465 dollars. The market convention is to quote most exchange rates against the USD with the US dollar as the base currency (e.g. USDJPY, USDCAD, USDCHF). The exceptions are the British pound (GBP), Australian dollar (AUD), the New Zealand dollar (NZD) and the euro (EUR) where the USD is the counter currency (e.g. GBPUSD, AUDUSD, NZDUSD, EURUSD).<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="and mention the context where the exception applies (October 2024)">citation needed</span></a></i>]</sup>. </p><p>The factors affecting XXX will affect both XXXYYY and XXXZZZ. This causes a positive currency <a href="/wiki/Correlation" title="Correlation">correlation</a> between XXXYYY and XXXZZZ. </p><p>On the <a href="/wiki/Spot_price" class="mw-redirect" title="Spot price">spot</a> market, according to the 2022 Triennial Survey, the most heavily traded bilateral currency pairs were: </p> <ul><li>EURUSD: 22.7%</li> <li>USDJPY: 13.5%</li> <li>GBPUSD (also called <i><a href="/wiki/Cable_(foreign_exchange)" title="Cable (foreign exchange)">cable</a></i>): 9.5%</li></ul> <p>The U.S. currency was involved in 88.5% of transactions, followed by the euro (30.5%), the yen (16.7%), and sterling (12.9%) (see <a href="#Trading_characteristics">table</a>). Volume percentages for all individual currencies should add up to 200%, as each transaction involves two currencies. </p><p>Trading in the euro has grown considerably since the currency's creation in January 1999, and how long the foreign exchange market will remain dollar-centered is open to debate. Until recently, trading the euro versus a non-European currency ZZZ would have usually involved two trades: EURUSD and USDZZZ. The exception to this is EURJPY, which is an established traded currency pair in the interbank spot market. </p> <div class="mw-heading mw-heading2"><h2 id="Determinants_of_exchange_rates">Determinants of exchange rates</h2></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Exchange_rate" title="Exchange rate">Exchange rate</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><table class="sidebar nomobile nowraplinks plainlist"><tbody><tr><td class="sidebar-pretitle">Part of a series on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Financial_market" title="Financial market">Financial markets</a></th></tr><tr><td class="sidebar-image"><span class="notpageimage" typeof="mw:File"><a href="/wiki/File:Philippine-stock-market-board.jpg" class="mw-file-description"><img alt="Looking up at a computerized stocks-value board at the Philippine Stock Exchange" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/200px-Philippine-stock-market-board.jpg" decoding="async" width="200" height="150" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/300px-Philippine-stock-market-board.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/400px-Philippine-stock-market-board.jpg 2x" data-file-width="640" data-file-height="480" /></a></span></td></tr><tr><td class="sidebar-above" style="padding-bottom:0.7em;"> <ul><li><a href="/wiki/Market_(economics)" title="Market (economics)">Public market</a></li> <li><a href="/wiki/Exchange_(organized_market)" title="Exchange (organized market)">Exchange</a> <b>·</b> <a href="/wiki/Security_(finance)" title="Security (finance)">Securities</a></li></ul></td></tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Bond_market" title="Bond market">Bond market</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Bond_valuation" title="Bond valuation">Bond valuation</a></li> <li><a href="/wiki/Corporate_bond" title="Corporate bond">Corporate bond</a></li> <li><a href="/wiki/Fixed_income" title="Fixed income">Fixed income</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a href="/wiki/Municipal_bond" title="Municipal bond">Municipal bond</a></li> <li><br /><a href="/wiki/Securitization" title="Securitization">Securitization</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Stock_market" title="Stock market">Stock market</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Common_stock" title="Common stock">Common stock</a></li> <li><a href="/wiki/Growth_stock" title="Growth stock">Growth stock</a></li> <li><a href="/wiki/Preferred_stock" title="Preferred stock">Preferred stock</a></li> <li><a href="/wiki/Registered_share" title="Registered share">Registered share</a></li> <li><a href="/wiki/Shareholder" title="Shareholder">Shareholder</a></li> <li><a href="/wiki/Stock" title="Stock">Stock</a></li> <li><a href="/wiki/Stockbroker" title="Stockbroker">Stockbroker</a></li> <li><a href="/wiki/Stock_certificate" title="Stock certificate">Stock certificate</a></li> <li><a href="/wiki/Stock_exchange" title="Stock exchange">Stock exchange</a></li> <li><a href="/wiki/Watered_stock" title="Watered stock">Watered stock</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> Other markets</th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <div style="display:inline-block; padding:0.2em 0.4em; line-height:1.2em; line-height:1.25em;"><a href="/wiki/Derivatives_market" title="Derivatives market">Derivatives</a> <div class="hlist"><ul><li>(<a href="/wiki/Credit_derivative" title="Credit derivative">Credit derivative</a></li><li><a href="/wiki/Futures_exchange" title="Futures exchange">Futures exchange</a></li><li><a href="/wiki/Hybrid_security" title="Hybrid security">Hybrid security</a>)</li></ul></div> </div> <div style="display:inline-block; padding:0.2em 0.4em; line-height:1.2em; line-height:1.25em;padding-bottom:0.25em;"><a class="mw-selflink selflink">Foreign exchange</a> <div class="hlist"><ul><li>(<a href="/wiki/Currency" title="Currency">Currency</a></li><li><a href="/wiki/Exchange_rate" title="Exchange rate">Exchange rate</a>)</li></ul></div> </div> <ul><li><a href="/wiki/Commodity_market" title="Commodity market">Commodity</a></li> <li><a href="/wiki/Exchange-traded_fund" title="Exchange-traded fund">ETF</a></li> <li><a href="/wiki/Money_market" title="Money market">Money</a></li> <li><a href="/wiki/Mutual_fund" title="Mutual fund">Mutual fund</a></li> <li><a href="/wiki/Option_(finance)" title="Option (finance)">Option</a></li> <li><a href="/wiki/Real_estate" title="Real estate">Real estate</a></li> <li><a href="/wiki/Reinsurance" title="Reinsurance">Reinsurance</a></li> <li><a href="/wiki/Structured_product" title="Structured product">Structured product</a></li> <li><a href="/wiki/Swap_(finance)" title="Swap (finance)">Swap (finance)</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter (off-exchange)</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <div class="hlist"><ul><li><a href="/wiki/Forward_contract" title="Forward contract">Forwards</a></li><li><a href="/wiki/Option_(finance)" title="Option (finance)">Options</a></li></ul></div> <div class="hlist"><ul><li><a href="/wiki/Spot_market" title="Spot market">Spot market</a></li><li><a href="/wiki/Swap_(finance)" title="Swap (finance)">Swaps</a></li></ul></div></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Trader_(finance)" title="Trader (finance)">Trading</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Financial_market_participants" title="Financial market participants">Participants</a></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">Regulation</a></li> <li><a href="/wiki/Clearing_(finance)" title="Clearing (finance)">Clearing</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> Related areas</th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Alternative_investment" title="Alternative investment">Alternative investment</a></li> <li><a href="/wiki/Angel_investor" title="Angel investor">Angel investor</a></li> <li><a href="/wiki/Asset_(economics)" title="Asset (economics)">Asset (economics)</a></li> <li><a href="/wiki/Asset_pricing" title="Asset pricing">Asset pricing</a></li> <li><a href="/wiki/Bank" title="Bank">Banks and banking</a></li> <li><a href="/wiki/Bull_(stock_market_speculator)" title="Bull (stock market speculator)">Bull</a></li> <li><a href="/wiki/Climate_finance" title="Climate finance">Climate finance</a></li> <li><a href="/wiki/Diversification_(finance)" title="Diversification (finance)">Diversification (finance)</a></li> <li><a href="/wiki/Eco-investing" title="Eco-investing">Eco-investing</a></li> <li><a href="/wiki/Environmental_finance" title="Environmental finance">Environmental finance</a></li> <li><a href="/wiki/Environmental,_social,_and_governance" title="Environmental, social, and governance">ESG</a></li> <li><a href="/wiki/Finance" title="Finance">Financial</a> <ul><li><a href="/wiki/Financial_analysis" title="Financial analysis">analysis</a></li> <li><a href="/wiki/Financial_analyst" title="Financial analyst">analyst</a></li> <li><a href="/wiki/Financial_asset" title="Financial asset">asset</a></li> <li><a href="/wiki/Financial_betting" title="Financial betting">betting</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">corporate</a></li> <li><a href="/wiki/Financial_crime" title="Financial crime">crime</a></li> <li><a href="/wiki/Financial_forecast" title="Financial forecast">forecast</a></li> <li><a href="/wiki/Personal_finance" title="Personal finance">personal</a></li> <li><a href="/wiki/Public_finance" title="Public finance">public</a></li> <li><a href="/wiki/Financial_services" title="Financial services">services</a></li></ul></li> <li><a href="/wiki/Fintech" title="Fintech">Fintech</a></li> <li><a href="/wiki/Greenwashing" title="Greenwashing">Greenwashing</a></li> <li><a href="/wiki/Growth_investing" title="Growth investing">Growth investing</a></li> <li><a href="/wiki/Impact_investing" title="Impact investing">Impact investing</a></li> <li><a href="/wiki/Investment_management" title="Investment management">Investment management</a></li> <li><a href="/wiki/Market_risk" title="Market risk">Market risk</a></li> <li><a href="/wiki/Market_trend" title="Market trend">Market trend</a></li> <li><a href="/wiki/Speculative_attack" title="Speculative attack">Speculative attack</a></li> <li><a href="/wiki/Sustainable_development_goals" class="mw-redirect" title="Sustainable development goals">Sustainable development goals</a></li> <li><a href="/wiki/Sustainable_finance" title="Sustainable finance">Sustainable finance</a></li></ul></td> </tr><tr><td class="sidebar-navbar" style="border-top:1px solid #aaa;"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_markets" title="Template:Financial markets"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_markets" title="Template talk:Financial markets"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_markets" title="Special:EditPage/Template:Financial markets"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>In a <a href="/wiki/Fixed_exchange_rate" class="mw-redirect" title="Fixed exchange rate">fixed exchange rate</a> regime, exchange rates are decided by the government, while a number of theories have been proposed to explain (and predict) the fluctuations in exchange rates in a <a href="/wiki/Floating_exchange_rate" title="Floating exchange rate">floating exchange rate</a> regime, including: </p> <ul><li>International parity conditions: <a href="/wiki/Relative_purchasing_power_parity" title="Relative purchasing power parity">Relative purchasing power parity</a>, interest rate parity, Domestic <a href="/wiki/Fisher_effect" title="Fisher effect">Fisher effect</a>, International Fisher effect. To some extent the above theories provide logical explanation for the fluctuations in exchange rates, yet these theories falter as they are based on challengeable assumptions (e.g., free flow of goods, services, and capital) which seldom hold true in the real world.</li> <li><a href="/wiki/Balance_of_payments" title="Balance of payments">Balance of payments</a> model: This model, however, focuses largely on tradable goods and services, ignoring the increasing role of global capital flows. It failed to provide any explanation for the continuous appreciation of the US dollar during the 1980s and most of the 1990s, despite the soaring US current account deficit.</li> <li>Asset market model: views currencies as an important asset class for constructing investment portfolios. Asset prices are influenced mostly by people's willingness to hold the existing quantities of assets, which in turn depends on their expectations on the future worth of these assets. The asset market model of exchange rate determination states that “the exchange rate between two currencies represents the price that just balances the relative supplies of, and demand for, assets denominated in those currencies.”</li></ul> <p>None of the models developed so far succeed to explain exchange rates and volatility in the longer time frames. For shorter time frames (less than a few days), <a href="/wiki/Algorithmic_trading" title="Algorithmic trading">algorithms</a> can be devised to predict prices. It is understood from the above models that many macroeconomic factors affect the exchange rates and in the end currency prices are a result of dual forces of <a href="/wiki/Supply_and_demand" title="Supply and demand">supply and demand</a>. The world's currency markets can be viewed as a huge melting pot: in a large and ever-changing mix of current events, supply and demand factors are constantly shifting, and the price of one currency in relation to another shifts accordingly. No other market encompasses (and distills) as much of what is going on in the world at any given time as foreign exchange.<sup id="cite_ref-79" class="reference"><a href="#cite_note-79"><span class="cite-bracket">[</span>79<span class="cite-bracket">]</span></a></sup> </p><p>Supply and demand for any given currency, and thus its value, are not influenced by any single element, but rather by several. These elements generally fall into three categories: economic factors, political conditions, and market psychology. </p> <div class="mw-heading mw-heading3"><h3 id="Economic_factors">Economic factors</h3></div> <p>Economic factors include: (a) economic policy, disseminated by government agencies and central banks, (b) economic conditions, generally revealed through economic reports, and other <a href="/wiki/Economic_indicator" title="Economic indicator">economic indicators</a>. </p> <ul><li>Economic policy comprises government <a href="/wiki/Fiscal_policy" title="Fiscal policy">fiscal policy</a> (budget/spending practices) and <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a> (the means by which a government's central bank influences the supply and "cost" of money, which is reflected by the level of <a href="/wiki/Interest_rate" title="Interest rate">interest rates</a>).</li> <li>Government budget deficits or surpluses: The market usually reacts negatively to widening government <a href="/wiki/Budget_deficit" class="mw-redirect" title="Budget deficit">budget deficits</a>, and positively to narrowing budget deficits. The impact is reflected in the value of a country's currency.</li> <li>Balance of trade levels and trends: The trade flow between countries illustrates the demand for goods and services, which in turn indicates demand for a country's currency to conduct trade. Surpluses and deficits in trade of goods and services reflect the competitiveness of a nation's economy. For example, <a href="/wiki/Trade_deficits" class="mw-redirect" title="Trade deficits">trade deficits</a> may have a negative impact on a nation's currency.</li> <li>Inflation levels and trends: Typically a currency will lose value if there is a high level of inflation in the country or if inflation levels are perceived to be rising. This is because inflation erodes <a href="/wiki/Purchasing_power" title="Purchasing power">purchasing power</a>, thus demand, for that particular currency. However, a currency may sometimes strengthen when inflation rises because of expectations that the central bank will raise short-term interest rates to combat rising inflation.</li> <li>Economic growth and health: Reports such as GDP, employment levels, retail sales, <a href="/wiki/Capacity_utilization" title="Capacity utilization">capacity utilization</a> and others, detail the levels of a country's economic growth and health. Generally, the more healthy and robust a country's economy, the better its currency will perform, and the more demand for it there will be.</li> <li>Productivity of an economy: Increasing productivity in an economy should positively influence the value of its currency. Its effects are more prominent if the increase is in the traded sector.<sup id="cite_ref-80" class="reference"><a href="#cite_note-80"><span class="cite-bracket">[</span>80<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading3"><h3 id="Political_conditions">Political conditions</h3></div> <p>Internal, regional, and international political conditions and events can have a profound effect on currency markets. </p><p>All exchange rates are susceptible to political instability and anticipations about the new ruling party. Political upheaval and instability can have a negative impact on a nation's economy. For example, destabilization of <a href="/wiki/Coalition_government" title="Coalition government">coalition governments</a> in <a href="/wiki/Pakistan" title="Pakistan">Pakistan</a> and <a href="/wiki/Thailand" title="Thailand">Thailand</a> can negatively affect the value of their currencies. Similarly, in a country experiencing financial difficulties, the rise of a political faction that is perceived to be fiscally responsible can have the opposite effect. Also, events in one country in a region may spur positive/negative interest in a neighboring country and, in the process, affect its currency. </p> <div class="mw-heading mw-heading3"><h3 id="Market_psychology">Market psychology</h3></div> <p><a href="/wiki/Market_psychology" class="mw-redirect" title="Market psychology">Market psychology</a> and trader perceptions influence the foreign exchange market in a variety of ways: </p> <ul><li>Flights to quality: Unsettling international events can lead to a "<a href="/wiki/Flight-to-quality" title="Flight-to-quality">flight-to-quality</a>", a type of <a href="/wiki/Capital_flight" title="Capital flight">capital flight</a> whereby investors move their assets to a perceived "<a href="/wiki/Safe-haven_currency" class="mw-redirect" title="Safe-haven currency">safe haven</a>". There will be a greater demand, thus a higher price, for currencies perceived as stronger over their relatively weaker counterparts. The US dollar, Swiss franc and <a href="/wiki/Gold_as_investment" class="mw-redirect" title="Gold as investment">gold</a> have been traditional safe havens during times of political or economic uncertainty.<sup id="cite_ref-81" class="reference"><a href="#cite_note-81"><span class="cite-bracket">[</span>81<span class="cite-bracket">]</span></a></sup></li> <li>Long-term trends: Currency markets often move in visible long-term trends. Although currencies do not have an annual growing season like physical commodities, <a href="/wiki/Business_cycle" title="Business cycle">business cycles</a> do make themselves felt. Cycle analysis looks at longer-term price trends that may rise from economic or political trends.<sup id="cite_ref-82" class="reference"><a href="#cite_note-82"><span class="cite-bracket">[</span>82<span class="cite-bracket">]</span></a></sup></li> <li>"Buy the rumor, sell the fact": This market truism can apply to many currency situations. It is the tendency for the price of a currency to reflect the impact of a particular action before it occurs and, when the anticipated event comes to pass, react in exactly the opposite direction. This may also be referred to as a market being "oversold" or "overbought". To buy the rumor or sell the fact can also be an example of the <a href="/wiki/Cognitive_bias" title="Cognitive bias">cognitive bias</a> known as <a href="/wiki/Anchoring_(cognitive_bias)" class="mw-redirect" title="Anchoring (cognitive bias)">Anchoring</a>, when investors focus too much on the relevance of outside events to currency prices.</li> <li>Economic numbers: While economic numbers can certainly reflect economic policy, some reports and numbers take on a talisman-like effect: the number itself becomes important to market psychology and may have an immediate impact on short-term market moves. "What to watch" can change over time. In recent years, for example, money supply, employment, trade balance figures and inflation numbers have all taken turns in the spotlight.</li> <li><a href="/wiki/Technical_analysis" title="Technical analysis">Technical trading</a> considerations: As in other markets, the accumulated price movements in a currency pair such as EUR/USD can form apparent patterns that traders may attempt to use. Many traders study price charts in order to identify such patterns.<sup id="cite_ref-83" class="reference"><a href="#cite_note-83"><span class="cite-bracket">[</span>83<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading2"><h2 id="Financial_instruments">Financial instruments</h2></div> <div class="mw-heading mw-heading3"><h3 id="Spot">Spot</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Foreign_exchange_spot" title="Foreign exchange spot">Foreign exchange spot</a></div> <p>A <a href="/wiki/Spot_price" class="mw-redirect" title="Spot price">spot</a> transaction is a two-day delivery transaction (except in the case of trades between the US dollar, Canadian dollar, Turkish lira, euro and Russian ruble, which settle the next business day), as opposed to the <a href="/wiki/Futures_contract" title="Futures contract">futures contracts</a>, which are usually three months. This trade represents a “direct exchange” between two currencies, has the shortest time frame, involves cash rather than a contract, and interest is not included in the agreed-upon transaction. Spot trading is one of the most common types of forex trading. Often, a forex broker will charge a small fee to the client to roll-over the expiring transaction into a new identical transaction for a continuation of the trade. This roll-over fee is known as the "swap" fee. </p> <div class="mw-heading mw-heading3"><h3 id="Forward">Forward</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Forward_contract" title="Forward contract">Forward contract</a></div> <p>One way to deal with the <a href="/wiki/Foreign_exchange_risk" title="Foreign exchange risk">foreign exchange risk</a> is to engage in a forward transaction. In this transaction, money does not actually change hands until some agreed upon future date. A buyer and seller agree on an exchange rate for any date in the future, and the transaction occurs on that date, regardless of what the market rates are then. The duration of the trade can be one day, a few days, months or years. Usually the date is decided by both parties. Then the forward contract is negotiated and agreed upon by both parties. </p> <div class="mw-heading mw-heading3"><h3 id="Non-deliverable_forward_(NDF)"><span id="Non-deliverable_forward_.28NDF.29"></span>Non-deliverable forward (NDF)</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Non-deliverable_forward" title="Non-deliverable forward">Non-deliverable forward</a></div> <p>Forex banks, ECNs, and prime brokers offer NDF contracts, which are derivatives that have no real deliver-ability. NDFs are popular for currencies with restrictions such as the Argentinian peso. In fact, a forex hedger can only hedge such risks with NDFs, as currencies such as the Argentinian peso cannot be traded on open markets like major currencies.<sup id="cite_ref-84" class="reference"><a href="#cite_note-84"><span class="cite-bracket">[</span>84<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Swap">Swap</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Foreign_exchange_swap" title="Foreign exchange swap">Foreign exchange swap</a></div> <p>The most common type of forward transaction is the foreign exchange swap. In a swap, two parties exchange currencies for a certain length of time and agree to reverse the transaction at a later date. These are not standardized contracts and are not traded through an exchange. A deposit is often required in order to hold the position open until the transaction is completed. </p> <div class="mw-heading mw-heading3"><h3 id="Futures">Futures</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Currency_future" title="Currency future">Currency future</a></div> <p>Futures are standardized forward contracts and are usually traded on an exchange created for this purpose. The average contract length is roughly 3 months. Futures contracts are usually inclusive of any interest amounts. </p><p>Currency futures contracts are contracts specifying a standard volume of a particular currency to be exchanged on a specific settlement date. Thus the currency futures contracts are similar to forward contracts in terms of their obligation, but differ from forward contracts in the way they are traded. In addition, Futures are daily settled removing credit risk that exist in Forwards.<sup id="cite_ref-PettersDong2016_85-0" class="reference"><a href="#cite_note-PettersDong2016-85"><span class="cite-bracket">[</span>85<span class="cite-bracket">]</span></a></sup> They are commonly used by MNCs to hedge their currency positions. In addition they are traded by speculators who hope to capitalize on their expectations of exchange rate movements. </p> <div class="mw-heading mw-heading3"><h3 id="Option">Option</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Foreign_exchange_option" title="Foreign exchange option">Foreign exchange option</a></div> <p>A foreign exchange option (commonly shortened to just FX option) is a derivative where the owner has the right but not the obligation to exchange money denominated in one currency into another currency at a pre-agreed exchange rate on a specified date. The FX options market is the deepest, largest and most liquid market for options of any kind in the world. </p> <div class="mw-heading mw-heading2"><h2 id="Speculation">Speculation</h2></div> <p>Controversy about currency <a href="/wiki/Speculators" class="mw-redirect" title="Speculators">speculators</a> and their effect on currency devaluations and national economies recurs regularly. Economists, such as <a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a>, have argued that speculators ultimately are a stabilizing influence on the market, and that <b>stabilizing speculation</b> performs the important function of providing a market for <a href="/wiki/Hedge_(finance)" title="Hedge (finance)">hedgers</a> and transferring risk from those people who don't wish to bear it, to those who do.<sup id="cite_ref-86" class="reference"><a href="#cite_note-86"><span class="cite-bracket">[</span>86<span class="cite-bracket">]</span></a></sup> Other economists, such as <a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a>, consider this argument to be based more on politics and a free market philosophy than on economics.<sup id="cite_ref-87" class="reference"><a href="#cite_note-87"><span class="cite-bracket">[</span>87<span class="cite-bracket">]</span></a></sup> </p><p>Large hedge funds and other well capitalized "position traders" are the main professional speculators. According to some economists, individual traders could act as "<a href="/wiki/Noise_trader" title="Noise trader">noise traders</a>" and have a more destabilizing role than larger and better informed actors.<sup id="cite_ref-88" class="reference"><a href="#cite_note-88"><span class="cite-bracket">[</span>88<span class="cite-bracket">]</span></a></sup> </p><p>Currency speculation is considered a highly suspect activity in many countries, such as Thailand.<sup id="cite_ref-89" class="reference"><a href="#cite_note-89"><span class="cite-bracket">[</span>89<span class="cite-bracket">]</span></a></sup> While investment in traditional financial instruments like bonds or stocks often is considered to contribute positively to economic growth by providing capital, currency speculation does not; according to this view, it is simply <a href="/wiki/Gambling" title="Gambling">gambling</a> that often interferes with economic policy. For example, in 1992, currency speculation forced Sweden's central bank, the <a href="/wiki/Sveriges_Riksbank" title="Sveriges Riksbank">Riksbank</a>, to raise interest rates for a few days to 500% per annum, and later to devalue the krona.<sup id="cite_ref-90" class="reference"><a href="#cite_note-90"><span class="cite-bracket">[</span>90<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Mahathir_Mohamad" title="Mahathir Mohamad">Mahathir Mohamad</a>, one of the <a href="/wiki/Prime_Minister_of_Malaysia#List_of_prime_ministers_of_Malaysia" title="Prime Minister of Malaysia">former Prime Ministers of Malaysia</a>, is one well-known proponent of this view. He blamed the devaluation of the <a href="/wiki/Malaysian_ringgit" title="Malaysian ringgit">Malaysian ringgit</a> in 1997 on <a href="/wiki/George_Soros" title="George Soros">George Soros</a> and other speculators. </p><p><a href="/wiki/Gregory_Millman" title="Gregory Millman">Gregory Millman</a> reports on an opposing view, comparing speculators to "vigilantes" who simply help "enforce" international agreements and anticipate the effects of basic economic "laws" in order to profit.<sup id="cite_ref-91" class="reference"><a href="#cite_note-91"><span class="cite-bracket">[</span>91<span class="cite-bracket">]</span></a></sup> In this view, countries may develop unsustainable <a href="/wiki/Economic_bubble" title="Economic bubble">economic bubbles</a> or otherwise mishandle their national economies, and foreign exchange speculators made the inevitable collapse happen sooner. A relatively quick collapse might even be preferable to continued economic mishandling, followed by an eventual, larger, collapse. Mahathir Mohamad and other critics of speculation are viewed as trying to deflect the blame from themselves for having caused the unsustainable economic conditions. </p> <div class="mw-heading mw-heading2"><h2 id="Risk_aversion">Risk aversion</h2></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Hard_currency" title="Hard currency">Hard currency</a></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Equities_usd.JPG" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Equities_usd.JPG/180px-Equities_usd.JPG" decoding="async" width="180" height="93" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Equities_usd.JPG/270px-Equities_usd.JPG 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Equities_usd.JPG/360px-Equities_usd.JPG 2x" data-file-width="760" data-file-height="394" /></a><figcaption>The MSCI World Index of Equities fell while the US dollar index rose</figcaption></figure> <p>Risk aversion is a kind of trading behavior exhibited by the foreign exchange market when a potentially adverse event happens that may affect market conditions. This behavior is caused when risk averse traders <a href="/wiki/Liquidation" title="Liquidation">liquidate</a> their positions in risky assets and shift the funds to less risky assets due to uncertainty. </p><p>In the context of the foreign exchange market, traders liquidate their positions in various currencies to take up positions in safe-haven currencies, such as the US dollar.<sup id="cite_ref-92" class="reference"><a href="#cite_note-92"><span class="cite-bracket">[</span>92<span class="cite-bracket">]</span></a></sup> Sometimes, the choice of a safe haven currency is more of a choice based on prevailing sentiments rather than one of economic statistics. An example would be the financial crisis of 2008. The value of equities across the world fell while the US dollar strengthened (see Fig.1). This happened despite the strong focus of the crisis in the US.<sup id="cite_ref-93" class="reference"><a href="#cite_note-93"><span class="cite-bracket">[</span>93<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Carry_trade">Carry trade</h2></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Carry_(investment)#Currency" title="Carry (investment)">Carry trade</a></div> <p>Currency carry trade refers to the act of borrowing one currency that has a low interest rate in order to purchase another with a higher interest rate. A large difference in rates can be highly profitable for the trader, especially if high leverage is used. However, with all levered investments this is a double edged sword, and large exchange rate <a href="/wiki/Price_fluctuation" class="mw-redirect" title="Price fluctuation">price fluctuations</a> can suddenly swing trades into huge losses. </p> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2></div> <ul><li><a rel="nofollow" class="external text" href="https://www.bis.org/publ/qtrpdf/r_qt1012h.pdf">A user's guide to the Triennial Central Bank Survey of foreign exchange market activity</a>  –  Bank for International Settlements</li> <li>National Futures Association (2010), <i><a rel="nofollow" class="external text" href="https://www.nfa.futures.org/investors/investor-resources/files/forex.pdf">Trading in the Retail Off-Exchange Foreign Currency Market</a></i>. Chicago, Illinois.</li></ul> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col" style="column-width: 21em;"> <ul><li><a href="/wiki/Balance_of_trade" title="Balance of trade">Balance of trade</a></li> <li><a href="/wiki/Currency_codes" class="mw-redirect" title="Currency codes">Currency codes</a></li> <li><a href="/wiki/Currency_strength" title="Currency strength">Currency strength</a></li> <li><a href="/wiki/Foreign_currency_mortgage" title="Foreign currency mortgage">Foreign currency mortgage</a></li> <li><a href="/wiki/Foreign_exchange_controls" title="Foreign exchange controls">Foreign exchange controls</a></li> <li><a href="/wiki/Foreign_exchange_derivative" title="Foreign exchange derivative">Foreign exchange derivative</a></li> <li><a href="/wiki/Foreign_exchange_hedge" title="Foreign exchange hedge">Foreign exchange hedge</a></li> <li><a href="/wiki/Foreign-exchange_reserves" class="mw-redirect" title="Foreign-exchange reserves">Foreign-exchange reserves</a></li> <li><a href="/wiki/Leads_and_lags" title="Leads and lags">Leads and lags</a></li> <li><a href="/wiki/Money_market" title="Money market">Money market</a></li> <li><a href="/wiki/Nonfarm_payrolls" title="Nonfarm payrolls">Nonfarm payrolls</a></li> <li><a href="/wiki/Tobin_tax" title="Tobin tax">Tobin tax</a></li> <li><a href="/wiki/World_currency" title="World currency">World currency</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><a href="/wiki/Neil_Record" title="Neil Record">Record, Neil</a>, <i>Currency Overlay</i> (Wiley Finance Series)</span> </li> <li id="cite_note-UNCTAD-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-UNCTAD_2-0">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://vi.unctad.org/uwist08/sessions/tue0513/flassbeckglobimb.pdf">Global imbalances and destabilizing speculation</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20161017100209/http://vi.unctad.org/uwist08/sessions/tue0513/flassbeckglobimb.pdf">Archived</a> 17 October 2016 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> (2007), <a href="/wiki/UNCTAD" class="mw-redirect" title="UNCTAD">UNCTAD</a> Trade and development report 2007 (Chapter 1B).</span> </li> <li id="cite_note-BIS2022-3"><span class="mw-cite-backlink">^ <a href="#cite_ref-BIS2022_3-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-BIS2022_3-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-BIS2022_3-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.bis.org/statistics/rpfx22_fx.htm">"Triennial Central Bank Survey of foreign exchange and OTC derivatives markets in 2022"</a>. 27 October 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Triennial+Central+Bank+Survey+of+foreign+exchange+and+OTC+derivatives+markets+in+2022&rft.date=2022-10-27&rft_id=https%3A%2F%2Fwww.bis.org%2Fstatistics%2Frpfx22_fx.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeign+exchange+market" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text">CR Geisst – <a rel="nofollow" class="external text" href="https://books.google.com/books?id=5dGig0fYlj8C&dq=ancient+history+foreign+exchange&pg=PA169">Encyclopedia of American Business History</a> <a href="/wiki/Infobase_Publishing" class="mw-redirect" title="Infobase Publishing">Infobase Publishing</a>, 1 January 2009 Retrieved 14 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1438109873" title="Special:BookSources/1438109873">1438109873</a></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text">GW Bromiley – <a rel="nofollow" class="external text" href="https://books.google.com/books?id=wo8csizDv0gC&dq=money+changers+bible&pg=PA408">International Standard Bible Encyclopedia: A–D</a> <a href="/wiki/William_B._Eerdmans_Publishing_Company" title="William B. Eerdmans Publishing Company">William B. Eerdmans Publishing Company</a>, 13 February 1995 Retrieved 14 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0802837816" title="Special:BookSources/0802837816">0802837816</a></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text">T Crump – <a rel="nofollow" class="external text" href="https://books.google.com/books?id=Qt3mrYvhOJkC&dq=ancient+foreign+exchanges&pg=PA146">The Phenomenon of Money (Routledge Revivals)</a> <a href="/wiki/Taylor_%26_Francis" title="Taylor & Francis">Taylor & Francis</a> US, 14 January 2011 Retrieved 14 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0415611873" title="Special:BookSources/0415611873">0415611873</a></span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><a href="/w/index.php?title=Johannes_Hasebroek&action=edit&redlink=1" class="new" title="Johannes Hasebroek (page does not exist)">J Hasebroek</a> – <a rel="nofollow" class="external text" href="https://books.google.com/books?id=743zWquWmesC&dq=ancient+foreign+exchanges&pg=PA156">Trade and Politics in Ancient Greece</a> Biblo & Tannen Publishers, 1 March 1933 Retrieved 14 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0819601500" title="Special:BookSources/0819601500">0819601500</a></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text">S von Reden (2007 Senior Lecturer in Ancient History and Classics at the University of Bristol, UK) - <a rel="nofollow" class="external text" href="https://books.google.com/books?id=zIVw7l34fHkC&q=PCZ+I+59021">Money in Ptolemaic Egypt: From the Macedonian Conquest to the End of the Third Century BC (p.48)</a> <a href="/wiki/Cambridge_University_Press" title="Cambridge University Press">Cambridge University Press</a>, 6 December 2007 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0521852641" title="Special:BookSources/0521852641">0521852641</a> [Retrieved 25 March 2015]</span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMark_Cartwright" class="citation web cs1">Mark Cartwright. <a rel="nofollow" class="external text" href="https://www.worldhistory.org/article/115/">"Trade in Ancient Greece"</a>. <i><a href="/wiki/World_History_Encyclopedia" title="World History Encyclopedia">World History Encyclopedia</a></i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=World+History+Encyclopedia&rft.atitle=Trade+in+Ancient+Greece&rft.au=Mark+Cartwright&rft_id=https%3A%2F%2Fwww.worldhistory.org%2Farticle%2F115%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeign+exchange+market" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text">RC Smith, I Walter, G DeLong – <a rel="nofollow" class="external text" href="https://books.google.com/books?id=V05oVTC2cFMC&dq=history+of+foreign+exchange&pg=PA3">Global Banking</a> <a href="/wiki/Oxford_University_Press" title="Oxford University Press">Oxford University Press</a>, 17 January 2012 Retrieved 13 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0195335937" title="Special:BookSources/0195335937">0195335937</a></span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text">(tertiary) – G Vasari – <i>The Lives of the Artists</i> Retrieved 13 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/019283410X" title="Special:BookSources/019283410X">019283410X</a></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text">(page 130 of ) <a href="/wiki/Raymond_de_Roover" title="Raymond de Roover">Raymond de Roover</a> – <a rel="nofollow" class="external text" href="https://books.google.com/books?id=3ptzaUifK2AC&dq=foreign+exchange+Medici&pg=PA132">The Rise and Decline of the Medici Bank: 1397–94</a> Beard Books, 1999 Retrieved 14 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1893122328" title="Special:BookSources/1893122328">1893122328</a></span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text">RA De Roover – <a rel="nofollow" class="external text" href="https://books.google.com/books?id=Or0WAQAAMAAJ&q=Medici+Nostro+accounts">The Medici Bank: its organization, management, operations and decline</a> <a href="/wiki/New_York_University_Press" title="New York University Press">New York University Press</a>, 1948 Retrieved 14 July 2012</span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text">Cambridge dictionaries online – "nostro account"</span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text">Oxford dictionaries online – "nostro account"</span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text">S Homer, Richard E Sylla <a rel="nofollow" class="external text" href="https://books.google.com/books?id=aASnQujNgzoC&dq=foreign+exchange+history+London&pg=PT153">A History of Interest Rates</a> <a href="/wiki/John_Wiley_%26_Sons" class="mw-redirect" title="John Wiley & Sons">John Wiley & Sons</a>, 29 August 2005 Retrieved 14 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0471732834" title="Special:BookSources/0471732834">0471732834</a></span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text">T Southcliffe Ashton – <a rel="nofollow" class="external text" href="https://books.google.com/books?id=zjkOAAAAQAAJ&dq=history+of+foreign+exchange&pg=PA167">An Economic History of England: The 18th Century, Volume 3</a> Taylor & Francis, 1955 Retrieved 13 July 2012</span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text">(page 196 of) JW Markham <a rel="nofollow" class="external text" href="https://books.google.com/books?id=Uazpff00Y5EC&dq=history+of+Foreign+exchange&pg=PA196">A Financial History of the United States, Volumes 1–2</a> M.E. Sharpe, 2002 Retrieved 14 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0765607301" title="Special:BookSources/0765607301">0765607301</a></span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text">(page 847) of M Pohl, European Association for Banking History – <a rel="nofollow" class="external text" href="https://books.google.com/books?id=eXvfNDHpfWwC&dq=history+of+foreign+exchange+1983&pg=PA845">Handbook on the History of European Banks</a> <a href="/wiki/Edward_Elgar_Publishing" title="Edward Elgar Publishing">Edward Elgar Publishing</a>, 1994 Retrieved 14 July 2012</span> </li> <li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHabakkuk1987" class="citation book cs1">Habakkuk, H. J. (1987). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=cHRvtwTLcMAC&dq=The+Commercial+Revolution&pg=PA330"><i>Cambridge Economic History of Europe: Vol. 2: Trade and Industry in the Middle Ages</i></a>. Cambridge University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-521-08709-4" title="Special:BookSources/978-0-521-08709-4"><bdi>978-0-521-08709-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Cambridge+Economic+History+of+Europe%3A+Vol.+2%3A+Trade+and+Industry+in+the+Middle+Ages&rft.pub=Cambridge+University+Press&rft.date=1987&rft.isbn=978-0-521-08709-4&rft.aulast=Habakkuk&rft.aufirst=H.+J.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DcHRvtwTLcMAC%26dq%3DThe%2BCommercial%2BRevolution%26pg%3DPA330&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeign+exchange+market" class="Z3988"></span></span> </li> <li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text">S Shamah – <a rel="nofollow" class="external text" href="https://books.google.com/books?id=2xwPXhbXDO4C&q=foreign+exchange">A Foreign Exchange Primer</a> ["1880" is within 1.2 Value Terms] John Wiley & Sons, 22 November 2011 Retrieved 27 July 2102 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1119994896" title="Special:BookSources/1119994896">1119994896</a></span> </li> <li id="cite_note-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-22">^</a></b></span> <span class="reference-text">T Hong – <a rel="nofollow" class="external text" href="https://books.google.com/books?id=iS1R27V7WUkC&dq=history+of+foreign+exchange&pg=PA4">Foreign Exchange Control in China: First Edition (Asia Business Law Series Volume 4)</a> Kluwer Law International, 2004 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9041124268" title="Special:BookSources/9041124268">9041124268</a> Retrieved 12 January 2013</span> </li> <li id="cite_note-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-23">^</a></b></span> <span class="reference-text">P Mathias, S Pollard – <a rel="nofollow" class="external text" href="https://books.google.com/books?id=VZKkCLs3f90C&dq=history+of+foreign+exchange&pg=PA205">The Cambridge Economic History of Europe: The industrial economies : the development of economic and social policies</a> Cambridge University Press, 1989 Retrieved 13 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0521225043" title="Special:BookSources/0521225043">0521225043</a></span> </li> <li id="cite_note-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-24">^</a></b></span> <span class="reference-text">S Misra, PK Yadav <a rel="nofollow" class="external text" href="https://books.google.com/books?id=gIhOOU1_gGUC&dq=history+of+foreign+exchange+1880&pg=PA171">International Business: Text And Cases</a> PHI Learning Pvt. Ltd. 2009 Retrieved 27 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/8120336526" title="Special:BookSources/8120336526">8120336526</a></span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text">P. L. Cottrell – <a rel="nofollow" class="external text" href="https://books.google.com/books?id=1ZTIm_h0qdEC&dq=history+of+foreign+exchange&pg=PA41">Centres and Peripheries in Banking: The Historical Development of Financial Markets</a> Ashgate Publishing, Ltd., 2007 Retrieved 13 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0754661210" title="Special:BookSources/0754661210">0754661210</a></span> </li> <li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text">P. L. Cottrell (p. 75)</span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text">J Wake – <a rel="nofollow" class="external text" href="https://books.google.com/books?id=Qm1fHrcgZuoC&dq=history+of+forex&pg=PA213">Kleinwort, Benson: The History of Two Families in Banking</a> Oxford University Press, 27 February 1997 Retrieved 13 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0198282990" title="Special:BookSources/0198282990">0198282990</a></span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text">J Atkin – <a rel="nofollow" class="external text" href="https://books.google.com/books?id=ZGRAn2J5whQC&dq=Kleinwort+foreign+exchange&pg=PA32">The Foreign Exchange Market Of London: Development Since 1900</a> Psychology Press, 2005 Retrieved 13 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/041534901X" title="Special:BookSources/041534901X">041534901X</a></span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMiller2018" class="citation web cs1">Miller, Siobhan (25 October 2018). <a rel="nofollow" class="external text" href="https://microeconomicinsights.org/impact-protection-trade-lessons-britains-1930s-policy-shift/">"The impact of protection on trade: lessons from Britain's 1930s policy shift"</a>. <i>Microeconomic Insights</i><span class="reference-accessdate">. Retrieved <span class="nowrap">4 July</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Microeconomic+Insights&rft.atitle=The+impact+of+protection+on+trade%3A+lessons+from+Britain%27s+1930s+policy+shift&rft.date=2018-10-25&rft.aulast=Miller&rft.aufirst=Siobhan&rft_id=https%3A%2F%2Fmicroeconomicinsights.org%2Fimpact-protection-trade-lessons-britains-1930s-policy-shift%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeign+exchange+market" class="Z3988"></span></span> </li> <li id="cite_note-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-30">^</a></b></span> <span class="reference-text">Laurence S. Copeland – <a rel="nofollow" class="external text" href="https://books.google.com/books?id=AL7TsSY5KZUC&dq=Bretton+woods+currencies+fluctuate+1%25+either+side&pg=PA444">Exchange Rates and International Finance</a> Pearson Education, 2008 Retrieved 15 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0273710273" title="Special:BookSources/0273710273">0273710273</a></span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text">M Sumiya – <a rel="nofollow" class="external text" href="https://books.google.com/books?id=mVN_OTa_KCYC&dq=history+of+foreign+exchange&pg=PA357">A History of Japanese Trade and Industry Policy</a> Oxford University Press, 2000 Retrieved 13 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0198292511" title="Special:BookSources/0198292511">0198292511</a></span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text">RC Smith, I Walter, G DeLong (p.4)</span> </li> <li id="cite_note-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-33">^</a></b></span> <span class="reference-text">AH Meltzer – <a rel="nofollow" class="external text" href="https://books.google.com/books?id=8peFljjm5CQC&dq=history+of+foreign+exchange&pg=PA354">A History of the Federal Reserve, Volume 2, Book 1; Books 1951–1969</a> <a href="/wiki/University_of_Chicago_Press" title="University of Chicago Press">University of Chicago Press</a>, 1 February 2010 Retrieved 14 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0226520013" title="Special:BookSources/0226520013">0226520013</a></span> </li> <li id="cite_note-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-34">^</a></b></span> <span class="reference-text">(page 7 "fixed exchange rates" of) DF DeRosa –<a rel="nofollow" class="external text" href="https://books.google.com/books?id=zYTlYowJ_QMC&dq=Bretton+woods+accord+foreign+exchange&pg=PT22">Options on Foreign Exchange</a> Retrieved 15 July 2012</span> </li> <li id="cite_note-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-35">^</a></b></span> <span class="reference-text">K Butcher – <a rel="nofollow" class="external text" href="https://books.google.com/books?id=91lFR1KM4nEC&dq=history+of+forex&pg=PR3">Forex Made Simple: A Beginner's Guide to Foreign Exchange Success</a> John Wiley and Sons, 18 February 2011 Retrieved 13 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0730375250" title="Special:BookSources/0730375250">0730375250</a></span> </li> <li id="cite_note-36"><span class="mw-cite-backlink"><b><a href="#cite_ref-36">^</a></b></span> <span class="reference-text">J Madura – <a rel="nofollow" class="external text" href="https://books.google.com/books?id=t6gLAhWXv5gC&dq=foreign+exchange+history+London&pg=PA58">International Financial Management</a>, <a href="/wiki/Cengage_Learning" class="mw-redirect" title="Cengage Learning">Cengage Learning</a>, 12 October 2011 Retrieved 14 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0538482966" title="Special:BookSources/0538482966">0538482966</a></span> </li> <li id="cite_note-37"><span class="mw-cite-backlink"><b><a href="#cite_ref-37">^</a></b></span> <span class="reference-text">N DraKoln – <a rel="nofollow" class="external text" href="https://books.google.com/books?id=SJ8Q7SvWH68C&dq=history+of+forex&pg=PA11">Forex for Small Speculators</a> Enlightened Financial Press, 1 April 2004 Retrieved 13 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0966624580" title="Special:BookSources/0966624580">0966624580</a></span> </li> <li id="cite_note-38"><span class="mw-cite-backlink"><b><a href="#cite_ref-38">^</a></b></span> <span class="reference-text"><i><a href="/wiki/SFO_Magazine" class="mw-redirect" title="SFO Magazine">SFO Magazine</a></i>, RR Wasendorf, Jr.) (INT) – <i>Forex Trading</i> <a rel="nofollow" class="external text" href="https://books.google.com/books?id=Tylr_ua-XKgC&dq=history+of+forex&pg=PT42">PA Rosenstreich – The Evolution of FX and Emerging Markets</a> Traders Press, 30 June 2009 Retrieved 13 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1934354104" title="Special:BookSources/1934354104">1934354104</a></span> </li> <li id="cite_note-39"><span class="mw-cite-backlink"><b><a href="#cite_ref-39">^</a></b></span> <span class="reference-text">J Jagerson, SW Hansen – <a rel="nofollow" class="external text" href="https://books.google.com/books?id=CC2p5Jsg3icC&dq=history+of+forex&pg=PA16">All About Forex Trading</a> McGraw-Hill Professional, 17 June 2011 Retrieved 13 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/007176822X" title="Special:BookSources/007176822X">007176822X</a></span> </li> <li id="cite_note-40"><span class="mw-cite-backlink"><b><a href="#cite_ref-40">^</a></b></span> <span class="reference-text">Franz Pick Pick's currency yearbook 1977 – Retrieved 15 July 2012</span> </li> <li id="cite_note-41"><span class="mw-cite-backlink"><b><a href="#cite_ref-41">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSwoboda1976" class="citation book cs1">Swoboda, Alexander K. (30 April 1976). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=Hw3BOI36J1cC&dq=the+foreign+exchange+markets+were+forced+to+close+from+February+of+1972+to+March+of+1973&pg=PA69"><i>Capital Movements and Their Control: Proceedings of the Second Conference of the International Center for Monetary and Banking Studies; Edited by Alexander K. Swoboda</i></a>. BRILL. p. 70. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9789028602953" title="Special:BookSources/9789028602953"><bdi>9789028602953</bdi></a> – via Google Books.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Capital+Movements+and+Their+Control%3A+Proceedings+of+the+Second+Conference+of+the+International+Center+for+Monetary+and+Banking+Studies%3B+Edited+by+Alexander+K.+Swoboda&rft.pages=70&rft.pub=BRILL&rft.date=1976-04-30&rft.isbn=9789028602953&rft.aulast=Swoboda&rft.aufirst=Alexander+K.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DHw3BOI36J1cC%26dq%3Dthe%2Bforeign%2Bexchange%2Bmarkets%2Bwere%2Bforced%2Bto%2Bclose%2Bfrom%2BFebruary%2Bof%2B1972%2Bto%2BMarch%2Bof%2B1973%26pg%3DPA69&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeign+exchange+market" class="Z3988"></span></span> </li> <li id="cite_note-42"><span class="mw-cite-backlink"><b><a href="#cite_ref-42">^</a></b></span> <span class="reference-text">G Gandolfo – <a rel="nofollow" class="external text" href="https://books.google.com/books?id=F9Xr1_MXjwkC&dq=foreign+exchange+1973+dual+markets&pg=PA283">International Finance and Open-Economy Macroeconomics</a> Springer, 2002 Retrieved 15 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/3540434593" title="Special:BookSources/3540434593">3540434593</a></span> </li> <li id="cite_note-43"><span class="mw-cite-backlink"><b><a href="#cite_ref-43">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://books.google.com/books?id=zhb9sEwQFZMC&dq=the+foreign+exchange+markets+were+forced+to+close+from+February+of+1972+to+March+of+1973&pg=PT594">City of London: The History</a> <a href="/wiki/Random_House" title="Random House">Random House</a>, 31 December 2011 Retrieved 15 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1448114721" title="Special:BookSources/1448114721">1448114721</a></span> </li> <li id="cite_note-44"><span class="mw-cite-backlink"><b><a href="#cite_ref-44">^</a></b></span> <span class="reference-text">"Thursday was aborted by news of a record assault on the dollar that forced the closing of most foreign exchange markets." <i>in</i> The outlook: Volume 45, published by <a href="/wiki/Standard_and_Poor%27s_Corporation" class="mw-redirect" title="Standard and Poor's Corporation">Standard and Poor's Corporation</a> – 1972 – Retrieved 15 July 2012 → <a rel="nofollow" class="external autonumber" href="https://www.google.co.uk/search?tbm=bks&hl=en&q=the+foreign+exchange+markets+were+forced+to+close+from+February+of+1972+to+March+of+1973&btnG=#q=the+foreign+exchange+markets+were+forced+to+close+from+February+of+1972+to+March+of+1973&hl=en&tbm=bks&ei=e-cCUNXTD4We0QXE0NCeBw&start=40&sa=N&bav=on.2,or.r_gc.r_pw.r_cp.r_qf.,cf.osb&fp=e1175ee4201d696b&biw=1280&bih=845">[1]</a></span> </li> <li id="cite_note-45"><span class="mw-cite-backlink"><b><a href="#cite_ref-45">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.bundesbank.de/en/tasks/topics/1973-the-end-of-bretton-woods-when-exchange-rates-learned-to-float-666280">"1973: The end of Bretton Woods When exchange rates learned to float"</a>. <i>www.bundesbank.de</i><span class="reference-accessdate">. Retrieved <span class="nowrap">4 July</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.bundesbank.de&rft.atitle=1973%3A+The+end+of+Bretton+Woods+When+exchange+rates+learned+to+float&rft_id=https%3A%2F%2Fwww.bundesbank.de%2Fen%2Ftasks%2Ftopics%2F1973-the-end-of-bretton-woods-when-exchange-rates-learned-to-float-666280&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeign+exchange+market" class="Z3988"></span></span> </li> <li id="cite_note-46"><span class="mw-cite-backlink"><b><a href="#cite_ref-46">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.imf.org/external/about/histend.htm">"About the IMF: History: The end of the Bretton Woods System (1972–81)"</a>. <i>www.imf.org</i><span class="reference-accessdate">. Retrieved <span class="nowrap">4 July</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.imf.org&rft.atitle=About+the+IMF%3A+History%3A+The+end+of+the+Bretton+Woods+System+%281972%E2%80%9381%29&rft_id=https%3A%2F%2Fwww.imf.org%2Fexternal%2Fabout%2Fhistend.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeign+exchange+market" class="Z3988"></span></span> </li> <li id="cite_note-47"><span class="mw-cite-backlink"><b><a href="#cite_ref-47">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFund1976" class="citation cs2">Fund, International Monetary (1 September 1976), <a rel="nofollow" class="external text" href="https://www.elibrary.imf.org/display/book/9781616351885/9781616351885.xml"><i>International Monetary Fund Annual Report 1976</i></a>, Annual Report of the Executive Board, International Monetary Fund, <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.5089%2F9781616351885.011">10.5089/9781616351885.011</a>, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-61635-188-5" title="Special:BookSources/978-1-61635-188-5"><bdi>978-1-61635-188-5</bdi></a><span class="reference-accessdate">, retrieved <span class="nowrap">4 July</span> 2024</span></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=International+Monetary+Fund+Annual+Report+1976&rft.series=Annual+Report+of+the+Executive+Board&rft.pub=International+Monetary+Fund&rft.date=1976-09-01&rft_id=info%3Adoi%2F10.5089%2F9781616351885.011&rft.isbn=978-1-61635-188-5&rft.aulast=Fund&rft.aufirst=International+Monetary&rft_id=https%3A%2F%2Fwww.elibrary.imf.org%2Fdisplay%2Fbook%2F9781616351885%2F9781616351885.xml&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeign+exchange+market" class="Z3988"></span></span> </li> <li id="cite_note-48"><span class="mw-cite-backlink"><b><a href="#cite_ref-48">^</a></b></span> <span class="reference-text">H Giersch, K-H Paqué, H Schmieding – <a rel="nofollow" class="external text" href="https://books.google.com/books?id=kkXGk_HyIBAC&dq=the+foreign+exchange+markets+were+forced+to+close+from+February+of+1972+to+March+of+1973&pg=PA180">The Fading Miracle: Four Decades of Market Economy in Germany</a> Cambridge University Press, 10 November 1994 Retrieved 15 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0521358698" title="Special:BookSources/0521358698">0521358698</a></span> </li> <li id="cite_note-49"><span class="mw-cite-backlink"><b><a href="#cite_ref-49">^</a></b></span> <span class="reference-text">International Center for Monetary and Banking Studies, AK Swoboda – <a rel="nofollow" class="external text" href="https://books.google.com/books?id=Hw3BOI36J1cC&dq=the+foreign+exchange+markets+were+forced+to+close+from+February+of+1972+to+March+of+1973&pg=PA69">Capital Movements and Their Control: Proceedings of the Second Conference of the International Center for Monetary and Banking Studies</a> BRILL, 1976 Retrieved 15 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/902860295X" title="Special:BookSources/902860295X">902860295X</a></span> </li> <li id="cite_note-50"><span class="mw-cite-backlink"><b><a href="#cite_ref-50">^</a></b></span> <span class="reference-text">( -p. 332 of ) MR Brawley – <a rel="nofollow" class="external text" href="https://archive.org/details/powermoneytraded00mark/page/332">Power, Money, And Trade: Decisions That Shape Global Economic Relations</a> <a href="/wiki/University_of_Toronto_Press" title="University of Toronto Press">University of Toronto Press</a>, 2005 Retrieved 15 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1551116839" title="Special:BookSources/1551116839">1551116839</a></span> </li> <li id="cite_note-51"><span class="mw-cite-backlink"><b><a href="#cite_ref-51">^</a></b></span> <span class="reference-text">"... forced to close for several days in mid-1972, ... The foreign exchange markets were closed again on two occasions at the beginning of 1973,.. " <i>in</i> H-J Rüstow <i>New paths to full employment: the failure of orthodox economic theory</i> Macmillan, 1991 Retrieved 15 July 2012 → <a rel="nofollow" class="external autonumber" href="https://www.google.co.uk/search?tbm=bks&hl=en&q=the+foreign+exchange+markets+were+forced+to+close+from+February+of+1972+to+March+of+1973&btnG=#hl=en&tbm=bks&sclient=psy-ab&q=the+foreign+exchange+markets++forced+to+close+1972++1973&oq=the+foreign+exchange+markets++forced+to+close+1972++1973&gs_l=serp.12...4375.4375.2.4999.1.1.0.0.0.0.396.396.3-1.1.0...0.0...1c.SRSBQ_o0-Ek&pbx=1&bav=on.2,or.r_gc.r_pw.r_cp.r_qf.,cf.osb&fp=e1175ee4201d696b&biw=1280&bih=845">[2]</a></span> </li> <li id="cite_note-52"><span class="mw-cite-backlink"><b><a href="#cite_ref-52">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFChen2009" class="citation book cs1">Chen, James (2009). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=8zTsnBYiDGkC"><i>Essentials of Foreign Exchange Trading</i></a>. John Wiley & Sons. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0470464007" title="Special:BookSources/978-0470464007"><bdi>978-0470464007</bdi></a><span class="reference-accessdate">. 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Elsevier Science. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1855734915" title="Special:BookSources/1855734915"><bdi>1855734915</bdi></a><span class="reference-accessdate">. Retrieved <span class="nowrap">15 November</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Managing+Currency+Risk+Using+Foreign+Exchange+Options&rft.pub=Elsevier+Science&rft.date=2000&rft.isbn=1855734915&rft.aulast=Hicks&rft.aufirst=Alan&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DvIuavf6a1R8C&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeign+exchange+market" class="Z3988"></span></span> </li> <li id="cite_note-54"><span class="mw-cite-backlink"><b><a href="#cite_ref-54">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJohnson1985" class="citation book cs1">Johnson, G. G. (1985). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=8FQWkffo7wwC"><i>Formulation of Exchange Rate Policies in Adjustment Programs</i></a>. 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Retrieved <span class="nowrap">15 November</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Formulation+of+Exchange+Rate+Policies+in+Adjustment+Programs&rft.pub=International+Monetary+Fund&rft.date=1985&rft.isbn=0939934507&rft.aulast=Johnson&rft.aufirst=G.+G.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D8FQWkffo7wwC&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeign+exchange+market" class="Z3988"></span></span> </li> <li id="cite_note-55"><span class="mw-cite-backlink"><b><a href="#cite_ref-55">^</a></b></span> <span class="reference-text">JA Dorn – <a rel="nofollow" class="external text" href="https://books.google.com/books?id=BIGnLYA4PtsC&dq=foreign+exchange+in+1981&pg=PA208">China in the New Millennium: Market Reforms and Social Development</a> <a href="/wiki/Cato_Institute" title="Cato Institute">Cato Institute</a>, 1998 Retrieved 14 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1882577612" title="Special:BookSources/1882577612">1882577612</a></span> </li> <li id="cite_note-56"><span class="mw-cite-backlink"><b><a href="#cite_ref-56">^</a></b></span> <span class="reference-text">B Laurens, H Mehran, M Quintyn, T Nordman – <a rel="nofollow" class="external text" href="https://books.google.com/books?id=PJwCbEC9lJYC&dq=foreign+exchange+in+1981&pg=PT131">Monetary and Exchange System Reforms in China: An Experiment in Gradualism</a> International Monetary Fund, 26 September 1996 Retrieved 14 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1452766126" title="Special:BookSources/1452766126">1452766126</a></span> </li> <li id="cite_note-57"><span class="mw-cite-backlink"><b><a href="#cite_ref-57">^</a></b></span> <span class="reference-text">Y-I Chung – <a rel="nofollow" class="external text" href="https://books.google.com/books?id=-0n9n3vNMeYC&dq=foreign+exchange+in+1981&pg=PA106">South Korea in the Fast Lane: Economic Development and Capital Formation</a> Oxford University Press, 20 July 2007 Retrieved 14 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0195325451" title="Special:BookSources/0195325451">0195325451</a></span> </li> <li id="cite_note-58"><span class="mw-cite-backlink"><b><a href="#cite_ref-58">^</a></b></span> <span class="reference-text">KM Dominguez, JA Frankel – <a rel="nofollow" class="external text" href="https://books.google.com/books?id=i6QViZToLTIC&dq=history+of+foreign+exchange+1983&pg=PA9">Does Foreign Exchange Intervention Work?</a> <a href="/wiki/Peterson_Institute_for_International_Economics" title="Peterson Institute for International Economics">Peterson Institute for International Economics</a>, 1993 Retrieved 14 July 2012 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0881321044" title="Special:BookSources/0881321044">0881321044</a></span> </li> <li id="cite_note-59"><span class="mw-cite-backlink"><b><a href="#cite_ref-59">^</a></b></span> <span class="reference-text">(page 211 – [source BIS 2007]) H Van Den Berg – <a rel="nofollow" class="external text" href="https://books.google.com/books?id=1Qhfgvkf4S0C&dq=foreign+exchange+history&pg=PA210">International Finance and Open-Economy Macroeconomics: Theory, History, and Policy</a> <a href="/wiki/World_Scientific" title="World Scientific">World Scientific</a>, 31 August 2010 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(1 January 2009). <a rel="nofollow" class="external text" href="https://www.sciencedirect.com/science/article/pii/S1042957308000338">"Lending relationships in the interbank market"</a>. <i>Journal of Financial Intermediation</i>. <b>18</b> (1): 24–48. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.jfi.2008.06.003">10.1016/j.jfi.2008.06.003</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1042-9573">1042-9573</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Financial+Intermediation&rft.atitle=Lending+relationships+in+the+interbank+market&rft.volume=18&rft.issue=1&rft.pages=24-48&rft.date=2009-01-01&rft_id=info%3Adoi%2F10.1016%2Fj.jfi.2008.06.003&rft.issn=1042-9573&rft.aulast=Cocco&rft.aufirst=Jo%C3%A3o+F.&rft.au=Gomes%2C+Francisco+J.&rft.au=Martins%2C+Nuno+C.&rft_id=https%3A%2F%2Fwww.sciencedirect.com%2Fscience%2Farticle%2Fpii%2FS1042957308000338&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeign+exchange+market" class="Z3988"></span></span> </li> <li id="cite_note-BIS16-66"><span class="mw-cite-backlink"><b><a href="#cite_ref-BIS16_66-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.bis.org/publ/rpfx16fx.pdf">"Triennial Central Bank Survey Foreign exchange turnover in April 2016"</a> <span class="cs1-format">(PDF)</span>. <i>Triennial Central Bank Survey</i>. <a href="/wiki/Basel" title="Basel">Basel</a>, <a href="/wiki/Switzerland" title="Switzerland">Switzerland</a>: Bank for International Settlements. 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Retrieved <span class="nowrap">27 February</span> 2010</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Guardian&rft.atitle=IMF+says+US+crisis+is+%27largest+financial+shock+since+Great+Depression%27&rft.date=2008-04-09&rft.aulast=Stewart&rft.aufirst=Heather&rft_id=https%3A%2F%2Fwww.theguardian.com%2Fbusiness%2F2008%2Fapr%2F09%2Fuseconomy.subprimecrisis&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeign+exchange+market" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2></div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output .side-box{width:238px}.mw-parser-output .side-box-right{clear:right;float:right;margin-left:1em}.mw-parser-output .side-box-left{margin-right:1em}}</style><style data-mw-deduplicate="TemplateStyles:r1237033735">@media print{body.ns-0 .mw-parser-output .sistersitebox{display:none!important}}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}</style><div class="side-box side-box-right plainlinks sistersitebox"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"> <div class="side-box-flex"> <div class="side-box-image"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/30px-Commons-logo.svg.png" decoding="async" width="30" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/45px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/59px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></span></span></div> <div class="side-box-text plainlist">Wikimedia Commons has media related to <span style="font-weight: bold; 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