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Inside the Currency Market: Mechanics, Valuation and Strategies


Inside the Currency Market

A comprehensive reference guide forcurrency traders

While many books offer insights on currency trading, no one volume has provided a complete understanding of the market and its trading strategies—until now. Inside the Currency Market offers in-depth discussion of both the underlying dynamics driving the market and the key strategies employed by traders.In it, author Brian Twomey supplies comprehensive information on the structure of the market, its role in the global economy,the forces that drive currency values, and trading strategiesand tactics.

He provides detailed discussion on gathering and analyzing global financial data so that traders can get an informed "big picture" perspective that will help identify profitable trades. Twomey also addresses fundamentally driven trades basedon interest rate differentials and trade imbalances, as well as technical trades involving chart patterns, trends, and trading ranges. In addition, traders will gain a complete understandingof how global financial flows, derivatives, and other markets such as oil and gold impact currencies.

If you want to capture consistent profits in currency trading with a full comprehension of market factors, this is the book for you.

Brian Twomey is an independent trader and a prolific writer on trading, having authored over sixty articles in Technical Analysis of Stocks & Commodities and Investopedia. His article on Welles Wilder is one of the most heavily accessed pieces in Technical Analysis of Stocks & Commodities in recent years. Through his writings, Twomey has established a strong following among traders and market analysts. He is an Adjunct Professor of Politics at Gardner-Webb University. Twomey has a BA in journalism and a master's in political science and public administration from the University of Central Florida.

Foreword ix

Preface xi

Acknowledgments xv

CHAPTER 1 Foreign Exchange Reports 1

CHAPTER 2 Currency Trading Beyond the Basics 15

CHAPTER 3 Exchange Rates and Trade Weight Indices 39

CHAPTER 4 Short-Term Interest Rates and Money Market Instruments 73


CHAPTER 6 Government Bonds, Yields, Yield Curves, and Currency Prices 147

CHAPTER 7 Swaps and Forwards 197

CHAPTER 8 Stock and Bond Markets 221

CHAPTER 9 Currency Cycles, Currency Futures, Options, and Volatility 269

CHAPTER 10 Technical Analysis 283

Bibliography 299

About the Author 303

Index 305