{"product_id":"currency-trading-and-intermarket-analysis-isbn-9780470226230","title":"Currency Trading and Intermarket Analysis","description":"As head FX strategist at CMC Markets–one of the world's leading forex\/commodity brokers–Ashraf Laidi 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. Throughout the book, Laidi 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. \u003cp\u003eForeword xi\u003c\/p\u003e \u003cp\u003ePreface xiii\u003c\/p\u003e \u003cp\u003eAcknowledgments xvii\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Gold and the Dollar 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eEnd of Bretton Woods System Marks Gold’s Takeoff 2\u003c\/p\u003e \u003cp\u003eFed Tightening and FX Interventions Rein in Gold Rally 3\u003c\/p\u003e \u003cp\u003eCentral Banks’ Gold Sale Agreements 5\u003c\/p\u003e \u003cp\u003eGold-USD Inverse Relation 6\u003c\/p\u003e \u003cp\u003eRecent Exceptions to the Inverse Rule 6\u003c\/p\u003e \u003cp\u003eUsing Gold to Identify Currency Leaders and Laggards 8\u003c\/p\u003e \u003cp\u003eGold’s Secular Performance 11\u003c\/p\u003e \u003cp\u003eValuing Currencies via Gold 13\u003c\/p\u003e \u003cp\u003eGolden Correlations 14\u003c\/p\u003e \u003cp\u003eDon’t Forget Falling Gold Production 16\u003c\/p\u003e \u003cp\u003eGold and Equities: Hard versus Monetary Assets 16\u003c\/p\u003e \u003cp\u003eEquity-to-Gold Ratios 19\u003c\/p\u003e \u003cp\u003eTheRoleoftheSpeculators 21\u003c\/p\u003e \u003cp\u003eGold Is Part of a Larger Story 22\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Oil Fundamentals in the Currency Market 25\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFrom a Gold Standard to an Oil Standard (1970s–1980s) 26\u003c\/p\u003e \u003cp\u003eOil Glut and Price Collapse (1981–1986) 32\u003c\/p\u003e \u003cp\u003eThe Super Dollar of 1980–1984: The World’s Third Oil Shock 34\u003c\/p\u003e \u003cp\u003eWorld Intervenes against Strong Dollar (1985–1987) 39\u003c\/p\u003e \u003cp\u003eIraq’s Invasion of Kuwait and the Gulf War (1990–1991) 41\u003c\/p\u003e \u003cp\u003eThe Asian Crisis and OPEC’s Miscalculation (1997–1998) 44\u003c\/p\u003e \u003cp\u003eOil Thrives on World Growth, Dot-Com Boom (1999–2000) 46\u003c\/p\u003e \u003cp\u003eIraq War Fuels Oil Rally, Dollar Flounders, China Takes Over (2002 to Present) 46\u003c\/p\u003e \u003cp\u003eSummary 49\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 When the Dollar Was King (1999–2001) 51\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Major Theories 52\u003c\/p\u003e \u003cp\u003eAnnual Performance Analysis of Individual Currencies 53\u003c\/p\u003e \u003cp\u003eSummary 70\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 The Dollar Bear Awakens (2002–2007) 71\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e2002: The Beginning of the Dollar Bear Market 71\u003c\/p\u003e \u003cp\u003e2003: Dollar Extends Damage, Commodity Currencies Soar 78\u003c\/p\u003e \u003cp\u003e2004: Global Recovery Boosts Currencies against U.S. Dollar 84\u003c\/p\u003e \u003cp\u003e2005: Commodities Soar alongside Dollar, Carry Trades Emerge 90\u003c\/p\u003e \u003cp\u003e2006: Dollar Vulnerable as Fed Ends Two-Year Tightening 94\u003c\/p\u003e \u003cp\u003e2007: Record Oil Boosts Loonie, Helpless Fed Hits Greenback 102\u003c\/p\u003e \u003cp\u003eLessons Learned 108\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Risk Appetite in the Markets 111\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCarry Trades in Foreign Exchange 112\u003c\/p\u003e \u003cp\u003eUsing Risk Appetite to Gauge FX Flows 121\u003c\/p\u003e \u003cp\u003eTying It All Together: 1999–2007 134\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Reading the Fed via Yield Curves, Equities, and Commodities 137\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eYield Curves and the Economy 138\u003c\/p\u003e \u003cp\u003eTypes of Yield Curves 139\u003c\/p\u003e \u003cp\u003eRationale of Inverted Yield Curve Implications 142\u003c\/p\u003e \u003cp\u003eEffectiveness of Yield Curve Signals’ Implications 142\u003c\/p\u003e \u003cp\u003eGreenspan’s “Conundrum” Proved Bernanke’s Problem 143\u003c\/p\u003e \u003cp\u003eImplications for Growth, Stocks, and Currencies 145\u003c\/p\u003e \u003cp\u003eTying Interest Rates to the Gold-Oil Ratio 153\u003c\/p\u003e \u003cp\u003eConclusion 158\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 U.S. Imbalances, FX Reserve Diversification, and the U.S. Dollar 161\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe U.S. Twin Deficits 162\u003c\/p\u003e \u003cp\u003eU.S. Current Account Deficit: Old Problem, New Challenges 165\u003c\/p\u003e \u003cp\u003eAdding the Budget Balance to the mix 169\u003c\/p\u003e \u003cp\u003eFinancing the Deficits: The Path to Unsustainability? 170\u003c\/p\u003e \u003cp\u003eDissecting U.S.-Bound Foreign Capital Flows 172\u003c\/p\u003e \u003cp\u003eU.S. Stocks and Bonds Vie for Foreign Money 173\u003c\/p\u003e \u003cp\u003eCapital Flows Shift Identities 177\u003c\/p\u003e \u003cp\u003eForeign Direct Investment and M\u0026amp;As 179\u003c\/p\u003e \u003cp\u003eHow Long Will Foreign Capital Be Available on the Cheap? 181\u003c\/p\u003e \u003cp\u003eDon’t Ignore U.S. Investors’ Flows Abroad 182\u003c\/p\u003e \u003cp\u003eCurrency Reserve Diversification: OPEC and the Middle East 185\u003c\/p\u003e \u003cp\u003eFurther Currency Diversification Is Inevitable 187\u003c\/p\u003e \u003cp\u003eThe View Ahead 189\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Commodities Supercycles and Currencies 191\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Current Commodity Cycle versus Previous Cycles 193\u003c\/p\u003e \u003cp\u003eDissecting Commodity Classes 196\u003c\/p\u003e \u003cp\u003eCommodities and their Currencies 207\u003c\/p\u003e \u003cp\u003eDeveloping World to Maintain Ripe Outlook for Food and Grains 208\u003c\/p\u003e \u003cp\u003eEnergy Efficiency Not Enough to Halt High Oil 214\u003c\/p\u003e \u003cp\u003eCopper and Gold to Shine on Long-Term Fundamentals 219\u003c\/p\u003e \u003cp\u003eCommanding Heights or Common Bubbles? 223\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Selected Topics in Foreign Exchange 225\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRevisiting Yield Curves 225\u003c\/p\u003e \u003cp\u003eIs Dollar Stability a Necessity? 230\u003c\/p\u003e \u003cp\u003eHow Far Will Commodities Outstrip Equities? 236\u003c\/p\u003e \u003cp\u003eU.S. Politics and the U.S. Dollar 240\u003c\/p\u003e \u003cp\u003eConclusion 247\u003c\/p\u003e \u003cp\u003eBibliography 249\u003c\/p\u003e \u003cp\u003eAbout the Author 251\u003c\/p\u003e \u003cp\u003eIndex 253\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAshraf Laidi\u003c\/b\u003e is the head FX Strategist at CMC Markets, where he oversees the analysis and forecasting functions of G-10 currency pairs as well as decisions and trends of the major global central banks. His online FX analysis has received wide following for more than a decade, centering on G-10 currencies and economies. Prior to joining CMC, Laidi monitored the performance of a multi-FX portfolio at the United Nations, assessed sovereign and project investment risk for Hagler Bailly and the World Bank, and analyzed emerging market bonds at Reuters. He also created the first 24-hour currency Web site for traders and researchers during the inception of the Euro. He is the founder of AshrafLaidi.com.\u003c\/p\u003e \u003cp\u003eCurrencies 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.\u003c\/p\u003e \u003cp\u003eNobody is more familiar with this situation than author Ashraf Laidi. 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 \u003ci\u003eCurrency Trading and Intermarket Analysis\u003c\/i\u003e, he shares his extensive experiences in this field with you.\u003c\/p\u003e \u003cp\u003eSome of the essential issues addressed include:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eThe latest commodity boom with a breakdown by individual commodity group and its implication for currencies\u003c\/li\u003e \u003cli\u003eThe 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\u003c\/li\u003e \u003cli\u003eThe drivers of risk appetite in the market and their effect on foreign exchange\u003c\/li\u003e \u003cli\u003eCentral bank currency reserves in regions such as the oil-producing nations, and the evolution of power between the Dollar and the Euro\u003c\/li\u003e \u003cli\u003eA gold-based approach to valuing the major currencies and determining their secular strengths and weaknesses over the past decades\u003c\/li\u003e \u003cli\u003eAnd much more\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eCurrency 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. \u003ci\u003eCurrency Trading and Intermarket Analysis \u003c\/i\u003eoutlines 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.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989015478501,"sku":"NP9780470226230","price":79.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470226230.jpg?v=1761782443","url":"https:\/\/k12savings.com\/es\/products\/currency-trading-and-intermarket-analysis-isbn-9780470226230","provider":"K12savings","version":"1.0","type":"link"}