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These include: (a) economic policy, disseminated by government agencies and central banks,

n 1 Mar 1933 Retrieved 2012-07-14 ISBN 0819601500ity Press, 17 Jan 2012 Retrieved 2012-07-13 ISBN 0195335937

Internal, regional, and international political conditions and events can have a profound effect on currency markets.
ong-term trends. Although currencies do not have an annual

Supply and demand for any given currency, and thus its value, are not influenced by any single element, but rather by several. These elements generally fall into three categories: economic factors, political conditions and market psychology.

n exchange rates and volatility in the longer time frames. For shorter time frames (less than a few days) algorithms can be devised to predict prices. It is understood from the above models that many macroeconomic factors affect the exchange rates and in the end currency prices are a result of dual forces of demand and supply. The world's currency markets can be viewed as a huge melting pot: in a large and ever-changing mix of current events, supply and demand factors are constantly shifting, and the price of one currency in relation to another shifts accordingly. No other market encompasses (and distills) as much of what is going on in the world at any given time as foreign exchange.[72]

Economic factors[edit](b) economic conditions, generally revealed through economic reports, and other economic indicators.

ollowed by the euro (33.4%), the yen (23.0%), and sterling (11.8%) (see table). Volume percentages for all individual currencies should add up to 200%, as each transaction involves two currencies.

Trading in the euro has grown considerably since the currency's creation in January 1999, and how long the foreign exchange market will remain dollar-centered is open to debate. Until recently, trading the euro versus a non-European currency ZZZ would have usually involved two trades: EURUSD and USDZZZ. The exception to this is EURJPY, which is an established traded currency pair in the interbank spot market. As the dollar's value has eroded during 2008, interest in using the euro as reference currency for prices in commodities (such as oil), as well as a larger component of foreign reserves by banks, has increased dramatically[citation needed]. Transactions in the currencies of commodity-producing countries, such as AUD, NZD, CAD, have also increased.[citation needed]

Determinants of exchange rates[edit]

GBPUSD (also called cable): 8.8%
and the US currency was involved in 87.0% of transactions, f
Main article: Exchange rate

The following theories explain the fluctuations in exchange rates in a floating exchange rate regime (In a fixed exchange rate

On the spot market, according to the 2013 Triennial Survey, the most heavily traded bilateral currency pairs were:

EURUSD: 24.1%
USDJPY: 18.3% regime, rates are decided by its government):

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SGD ($)
1.4%
15
Turkey Turkish lira

HKD ($)
1.4%
14
Singapore Singapore dollar
TRY (Turkish lira symbol 8x10px.png)

Total[71] 200%
There is no unified or centrally cleared market for the majority of trades, and there is very little cross-border regulation. Due to the over-the-counter (OTC) nature of currency markets, there are rather a number of interconnected marketplaces, where different currencies instruments are traded. This implies that there is not a single exchange rate but rather a number of different rates (prices), depending on what bank or market maker is trading, and where it is. In practice the rates are quite close due to arbitrage. Due to London's dominance in the market, a particular currency's quoted price is usually the London market price. Major trading exchanges include Electronic Broking Services (EBS) and Thomson Reuters Dealing, while major banks also offer trading systems. A joint venture of the Chicago Mercantile Exchange and Reuters, called Fxmarketspace opened in 2007 and aspired but failed to the role of a central market clearing mechanism.[citation needed]

The main trading centers are New York and London, though Tokyo, Hong Kong and

13
Hong Kong Hong Kong dollar
1.3%
Other 12.2%Singapore are all important centers as well. Banks throughout the world participate. Currency trading happens continuously throughout the day; as the Asian trading session ends, the European session begins, followed by the North American session and then back to the Asian session, excluding weekends.

Fluctuations in exchange rates are usually caused by actual monetar