For commodity traders and portfolio managers - a practical, hands-on guide to profiting in today's growing international cross rate markets. Cross rates trading is growing increasingly popular, fueled in no small part by banks and multinationals seeking creative strategies for hedging currency risk and speculators seeking profits from interest rate plays and exchange rate moves. Trading Currency Cross Rates is the passkey to this vastly profitable financial sector. Written for the experienced trader moving into the currency futures and foreign exchange cash markets, as well as for the corporate portfolio manager seeking to limit company exposure, this professional guide covers the fundamentals of today's cross rates markets and delivers the step-by-step techniques needed to trade cross rates successfully. Packed with charts and tables that apply over a broad range of international markets and currencies, the guide: * Explains what cross rates are and profiles the different types that currently are traded* Shows whether to trade on an agency or principal basis, and how to avoid counterparty failure* Covers the building blocks of currency valuation and the best methods for forecasting moves in currency cross rates* Reveals how to profitably trade exotic cross rates among currencies from the Pacific Rim and Middle East* Explains how to cross over to the growing interbank currency market, and which fundamental and technical analysis techniques specifically apply to it* Discusses how to easily adapt any current trading system and its input to the profitable cash markets Featuring the expertise of a leading cross rates trading expert in a concise, direct, accessible format, Trading Currency Cross Rates is the dependable, single-source guide to trading cross rates successfully.
1. Introducing Cross Rates and the Interbank Market
2. Exchange-Traded versus Interbank Markets
3. Varieties of Cross Rates
4. Fundamentals of Foreign Exchange
5. Technical and Intermarket Analysis of Cross Rates
6. Bringing It All Together - Specific Strategies and Tactics
7. What to Expect in the Future
Appendix A
Appendix B
Glossary
Index
About Gary Klopfenstein and Jon Stein
About the authors GARY KLOPFENSTEIN is President of his own trading firm, GK Capital Management, a foreign exchange trading company managing over $200 million and ranked among the top--rated portfolio management groups in the world. JON STEIN is a Chicago--based financial writer and attorney specializing in international finance and securities. A former editor at Futures magazine, his writing is largely focused on futures and interbank topics. About the Series Editor PERRY J. KAUFMAN has over 20 years experience in systems design for trading strategies, hedging, and arbitrage in derivative products. The author of five books, including The New Commodity Trading Systems and Methods (Wiley), he lives on his farm in Wells River, Vermont, where he continues his research and consulting.
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