Product Description
From the Inside Flap
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 currencies
The 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 growth
The drivers of risk appetite in the market and their effect on foreign exchange
Central bank currency reserves in regions such as the oil–producing nations, and the evolution of power between the Dollar and the Euro
A gold–based approach to valuing the major currencies and determining their secular strengths and weaknesses over the past decades
And much more
Currency 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.
From the Back Cover
"Ashraf Laïdi 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."
â Alan Abelson, Columnist, Barron′s
"Ashraf Laïdi′s book is sure to become an instant classic from Wall Street to Main Street. For the first time, a real expert has masterfully connected the rhymes and reasons behind currency, gold, oil, and other commodity price and interest rate movements in a way that is both clear and indispensable for the practitioner. In these turbulent times, the investor who wants to stay ahead of the curve and reap above average returns, the business finance student who wants to get the feel of the marketplace and enrich his or her educational experience, the international business finance professor who wants to make the class relevant, and the policymaker who wants to engineer stable and sustained growth must read this book and a number of times, from cover to cover."
â Hossein Askari, Iran Professor of International Business and Professor of International Affairs, The George Washington University
"A comprehensive guide to the factors that drive the FX market, with a particular emphasis on the major currency pairs."
â Brad Setser, Fellow, Geoeconomics, Council on Foreign Relations
"Ashraf Laïdi′s insights on the dollar have enlightened the millions who have seen him on TV or read his analysis. His book explains in simple language the complex inter–relationships between the dollar, oil, gold, and interest rates. Valuable information for all investorsâ even the pros."
â Susie Gharib, Anchor, PBS′s Nightly Business Report
"Ashraf Laïdi is well known to city journalists as the rising star of the currency markets. His book offers a majestic sweep of the global financial system, showing how credit, oil, gold, and equity markets all interact to shift currencies one way or another. It is a primer on thirty years of exchange rate drama. If you want to know when to play the carry trade and when to steer well clear, this well–crafted opus is probably the best guide you are going to find."
â Ambrose Evans–Pritchard, International Business Editor
"Ashraf Laïdi has been an invaluable source of insight as global currencies have endured their fiercest bout of turbulence for years. This book offers an accessible, yet comprehensive, guide to the world′s largest and perhaps least understood financial market."
â Peter Garnham, Currencies Correspondent, Financial Times
