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to exposures that are not widely known by other market participants.

Central banks[edit]
National central banks play an important role in the foreign exchange markets.

They try to control the money supply, inflation, and/or interest rates and often have official or unofficial target rates for their currencies. They can use their often substantial foreign exchange reserves to stabilize the market. Nevertheless, the effectiveness of central bank "stabilizing speculation"

is doubtful because central banks do not go bankrupt if they make large losses, like other traders would, and there is no convincing evidence that they do make a profit trading.

Foreign exchange fixing[edit]

Foreign exchange fixing is the daily monetary exchange rate fixed by the national bank of each country. The idea is that central banks use the fixing time and exchange rate to evaluate behavior of their currency.

Fixing exchange rates reflects the real value of equilibrium in the market. Banks, dealers and traders use fixing rates as a trend indicator.

The mere expectation or rumor of a central bank foreign exchange

intervention might be enough to stabilize a currency, but aggressive intervention might be used several times each year in countries with a dirty float currency regime. Central banks do not always achieve their objectives. The combined resources

of the market can easily overwhelm any central bank.[65] Several scenarios of this nature were seen in the 1992–93 European Exchange Rate Mechanism collapse, and in more recent times in Asia.

Hedge funds as speculators[edit]
About 70% to 90%[citation needed] of the foreign exchange transactions conducted are speculative. This means the person or institution that bought or sold the currency has no plan to actually take delivery of the currency in the end; rather,

they were solely speculating on the movement of that particular currency. Since 1996, Hedge funds have gained a reputation for aggressive currency speculation. They control billions of dollars of equity and may borrow billions more,

bahi is terhan ki stategion se allah bachye kyun ke tokay fit karna koi akalmandi nahin volume increase kar ke koi be zeyada profit bna sakta ha per har waqat aisa nahin hota kisi waqat markeet ap ke against be ho jati hai.

and thus may overwhelm intervention by central banks to support almost any currency, if the economic fundamentals are in the hedge funds' favor.

Investment management firms[edit]
Investment management firms (who typically manage large accounts on behalf of customers such as pension funds and endowments) use the foreign exchange market to facilitate transactions in foreign securities. For example,

an investment manager bearing an international equity portfolio needs to purchase and sell several pairs of foreign currencies to pay for foreign securities purchases.

Some investment management firms also have more speculative specialist currency overlay operations, which manage clients' currency exposures with the aim of generating profits as well as limiting risk.

While the number of this type of specialist firms is quite small, many have a large value of assets under management and, hence, can generate large trades.

Retail foreign exchange traders[edit]
Individual retail speculative traders constitute