The effects of macroeconomic variables and their role in development of foreign exchange market
Journal Title: Journal of Science and today’s world - Year 2013, Vol 2, Issue 3
Abstract
The foreign exchange market provides the physical and institutional structure through which the money of one country is exchanged for that of another country, the rate of exchange between currencies is determined, and foreign exchange transactions are physically completed. The foreign exchange transaction is an agreement between a buyer and a seller that a given amount of one currency is to be delivered at a specified rate for some other currency. Geographically, the foreign exchange market spans the globe, with prices moving and currencies traded somewhere every hour of every business day. The foreign exchange market is the mechanism, by which a person of firm transfers purchasing power form one country to another, obtains or provides credit for international trade transactions, and minimizes exposure to foreign exchange risk. The foreign exchange market consists of two tiers: the interbank or wholesale market, and the client or retail market. Participants include banks and nonbank foreign exchange dealers, individuals and firms conducting commercial and investment transactions, speculators and arbitragers, central banks and treasuries, and foreign exchange brokers.
Authors and Affiliations
Moslem Ghiyasi Nejad
Keywords
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