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Currency Trading and Intermarket Analysis: How to Profit from the Shifting Currents in Global Markets

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Currency Trading and Intermarket Analysis: How to Profit from the Shifting Currents in Global Markets by Ashraf Laidi
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Description

A high-profile currency analyst outlines a profitable way to trade this dynamic market. "Currency Trading and Intermarket Analysis" skillfully explains how global financial markets interact and provides currency traders with methods to spot changing trends and long-term trading opportunities. It explores how interest rates and central bank policies impact currency values and how foreign exchange rates relate to the bond, commodity, and equity markets. It offers in-depth insights into the underlying forces that continue to impact currencies and reveals why the relationship between short-term and long-term interest rates is the key to understanding long-term trends in the economy, the stock market, and the dollar. "Currency Trading and Intermarket Analysis" consistently demonstrates how intermarket analysis can enable traders to forecast changing trends and locate profitable trading opportunities. Ashraf Laidi (New York, NY) is the head FX Strategist at CMC Markets.

Table of Contents

Foreword.Preface.Acknowledgments.Chapter 1. Gold and the Dollar.End of Bretton Woods System Marks Gold's Takeoff.Fed Tightening, FX Interventions Rein in Gold Rally.Central Banks' Gold Sale Agreements.Gold-USD Inverse Relation.Recent Exceptions to the Inverse Rule.Using Gold to Identify Currency Leaders & Laggards.Gold's Secular Performance.Valuing Currencies via Gold.Golden Correlations.Don't Forget Falling Gold Production.Gold & Equities: Hard versus Monetary Assets.Gold to Equity Ratios.The Role of the Speculators.Gold is Part of a Larger Story.Chapter 2. Oil Fundamentals in the Currency Market.From a Gold Standard to an Oil Standard (1970s-1980s).Oil Glut and Price Collapse (1981-1986).The Super Dollar of 1980-1984: "World's Third Oil Shock".World Intervenes Against Strong Dollar (1985-1987).Iraq's Invasion of Kuwait and the Gulf War (1990-91).The Asian Crisis and OPEC's Miscalculation (1997-98).Oil Thrives on World Growth, Dot.com Boom (1999-2000).Iraq War Fuels Oil Rally, Dollar Flounders, China Takes Over (2002-Present).Summary.Chapter 3. When the Dollar was King (1999-2001).The Major Theories.Annual Performance Analysis of Individual Currencies.Summary.Chapter 4. The Dollar Bear Rises (2002-2007).2002: The Beginning of the Dollar Bear Market.2003: Dollar Extends Damage, Commodity Currencies Soar.2004: Global Recovery Boosts Currencies against US Dollar.2005: Commodities Soar alongside Dollar, Carry Trades Emerge.2006: Dollar Vulnerable as Fed Ends 2-Year Tightening.2007: Record Oil Boosts Loonie, Helpless Fed Hits Greenback.Lessons Learned.Chapter 5. Risk Appetite in the Markets.Carry Trades in Foreign Exchange.Using Risk Appetite to Gauge FX Flows.Tying It All Altogether: 1999-2007.Chapter 6. Reading the Fed via Yield Curves, Equities and Commodities.Yield Curves and the Economy.Types of Yield Curves.Rationale of Inverted Yield Curve Implications.Effectiveness of Yield Curve Signals Implications.Greenspan's "Conundrum" Proved Bernanke's Problem.Implications for Growth, Stocks and Currencies.Tying Interest Rates to Commodities.Conclusion.Chapter 7. U.S. Imbalances, FX Reserve Diversification and the US Dollar.The U.S. Twin Deficits.US Current Account Deficit: Old Problem, New Challenges.Adding the Budget Balance to the Mix.Financing the Deficits: The Path to Unsustainability?Dissecting US- Bound Foreign Capital Flows.U.S. Stocks and Bonds Vie for Foreign Money.Capital Flows Shift Identities.Foreign Direct Investment and M&As.How Long Foreign Capital on the Cheap?Don't Ignore U.S. Investors' Flows Abroad.Currency Reserve Diversification: OPEC and the Middle East.Further Currency Diversification Is Inevitable.The View Ahead.Chapter 8. Commodities Super Cycles and Currencies.The Current Commodity Cycle versus Previous Cycles.Dissecting Commodity Classes.Commodities and their Currencies.Developing World to Maintain Ripe Outlook for Food and Grains.Energy Efficiency Not Enough to Halt High Oil.Copper and Gold to Shine on Long Term Fundamentals.Commanding Heights or Common Bubbles?Chapter 9. Select Topics in Foreign Exchange.Revisiting Yield Curves.Is Dollar Stability a Necessity?How Far Will Commodities Outstrip Equities?U.S. Politics and the U.S. Dollar.Conclusion.Bibliography.About the Author.Index.

Author Biography

Ashraf Laidi 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. Laidi 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.
Release date NZ
November 17th, 2008
Author
Country of Publication
United Kingdom
Imprint
John Wiley & Sons Ltd
Pages
304
Dimensions
166x236x23
ISBN-13
9780470226230
Product ID
2724638

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