Currency Trading and Intermarket Analysis: How to Profit from the Shifting Currents in Global Markets
Praise for Currency Trading And Intermarket Analysis\ "Ashraf Laidi is virtually without peer in his grasp of currency movements and their significance for financial and commodity markets and the global economy. As his new book illustrates, he's blessed with an uncommon knack for describing the meaning of trends in those often erratic markets in clear and concise fashion."\ -Alan Abelson, Columnist, Barron's\ "Ashraf Laidi's book is sure to become an instant classic from Wall Street to Main...
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Currencies are becoming an integral part of many investors' portfolios and have grown to be a distinct asset class in banks' investment products. While the mechanics of the forex market and the theories underpinning it have been widely explored, there has been little discussion regarding the practical intermarket relationships shaping currencies via interest rates, equities, and commodities.Nobody is more familiar with this situation than author Ashraf Laïdi. As head FX strategist at CMC Markets—one of the world's leading forex/commodity brokers—he understands the forces shaping today's currency market and their interplay with interest rates, equities, and commodities. And now, with Currency Trading and Intermarket Analysis, he shares his extensive experiences in this field with you.Following an innovative approach based on what still works and what doesn't in currency market analysis; applying charts and case studies to intermarket analysis in unprecedented ways; and weighing both old theories and newly emerging phenomena in this arena, Currency Trading and Intermarket Analysis will put you in a better position to assess shifts in economic and market dynamics and make more profitable trading decisions in the process.Some of the essential issues addressed include:The latest commodity boom with a breakdown by individual commodity group and its implication for currenciesThe relationship between short- and long-term interest rates and how it can be applied to anticipate vital shifts in central bank decisions and turning points in economic growthThe drivers of risk appetite in the market and their effect on foreign exchangeCentral bank currency reserves in regions such as the oil-producing nations, and the evolution of power between the Dollar and the EuroA gold-based approach to valuing the major currencies and determining their secular strengths and weaknesses over the past decadesAnd much moreCurrency trading has increased in size and speed, and so has its impact on the global financial scene. Having a solid grasp of these markets is no longer limited to figuring out interest rate and growth differentials. Currency Trading and Intermarket Analysis outlines the tools needed to understand the macroeconomic and financial nuances of this dynamic field and provides you with insights that are essential to making the most of your time within it.
Ch. 1 Gold and the dollar 1Ch. 2 Oil fundamentals in the currency market 25Ch. 3 When the dollar was king (1999-2001) 51Ch. 4 The dollar bear awakens (2002-2007) 71Ch. 5 Risk appetite in the markets 111Ch. 6 Reading the Fed via yield curves, equities, and commodities 137Ch. 7 U.S. imbalances, FX reserve diversification, and the U.S. dollar 161Ch. 8 Commodities supercycles and currencies 191Ch. 9 Selected topics in foreign exchange 225Bibliography 249About the author 251Index 253
