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Currency Trading and Intermarket Analysis: How to Profit from the Shifting Currents in Global Markets Hardcover – December 10, 2008

20 customer reviews
ISBN-13: 978-0470226230 ISBN-10: 0470226234 Edition: 1st

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Editorial Reviews

From the Inside Flap

Currencies 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.

Nobody is more familiar with this situation than author Ashraf Laïdi. 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 Currency Trading and Intermarket Analysis, he shares his extensive experiences in this field with you.

Following an innovative approach based on what still works and what doesn't in currency market analysis; applying charts and case studies to intermarket analysis in unprecedented ways; and weighing both old theories and newly emerging phenomena in this arena, Currency Trading and Intermarket Analysis will put you in a better position to assess shifts in economic and market dynamics and make more profitable trading decisions in the process.

Some of the essential issues addressed include:

  • The latest commodity boom with a breakdown by individual commodity group and its implication for currencies

  • The 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

  • The drivers of risk appetite in the market and their effect on foreign exchange

  • Central bank currency reserves in regions such as the oil-producing nations, and the evolution of power between the Dollar and the Euro

  • A gold-based approach to valuing the major currencies and determining their secular strengths and weaknesses over the past decades

  • And much more

Currency 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. Currency Trading and Intermarket Analysis 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.

From the Back Cover

Currencies 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.

Nobody 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 Currency Trading and Intermarket Analysis, he shares his extensive experiences in this field with you.

Some of the essential issues addressed include:

  • The latest commodity boom with a breakdown by individual commodity group and its implication for currencies
  • The 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
  • The drivers of risk appetite in the market and their effect on foreign exchange
  • Central bank currency reserves in regions such as the oil-producing nations, and the evolution of power between the Dollar and the Euro
  • A gold-based approach to valuing the major currencies and determining their secular strengths and weaknesses over the past decades
  • And much more

Currency 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. Currency Trading and Intermarket Analysis 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.

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. 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.

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Product Details

  • Hardcover: 304 pages
  • Publisher: Wiley; 1 edition (December 10, 2008)
  • Language: English
  • ISBN-10: 0470226234
  • ISBN-13: 978-0470226230
  • Product Dimensions: 6.3 x 1 x 9.3 inches
  • Shipping Weight: 1.2 pounds (View shipping rates and policies)
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (20 customer reviews)
  • Amazon Best Sellers Rank: #455,495 in Books (See Top 100 in Books)

More About the Author

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, La??di 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. La??di also created the first 24-hour currency Web site for traders and researchers during the inception of the Euro.

Customer Reviews

Most Helpful Customer Reviews

24 of 26 people found the following review helpful By Kevin Jacobson on February 15, 2010
Format: Hardcover Verified Purchase
I've read and flipped through a number of currency trading/forex books, both as I was learning the trade and in my continuing education. Most books on the subject seem to be put out to sell with little regard to original content and value-added information. They typically spend half the book going over the very basic of foreign exchange markets and lingo - basically repeating what every other intro-forex book says, and then spend the next half of the book either going over general trading areas - such as trading systems or technical areas of trading. There is little to no value-added information/analysis for the forex trader, unless you are a complete newbie.

This book is different - and more in-line for someone who has read up on forex basics and/or has begun to dabble in forex trading and wants to begin to understand the history of different forex markets (as in their past movements), drivers of said markets, and intermarket connections. Unlike other books on the subject, there is not 200 plus pages of forex definitions and filler - it dives straight into valuable content (chapter 1 is about gold and the dollar - history, linkage, trends). It then goes on to cover oil and its linkage, the dollar's historic performance (and the drivers/causes) vs. other major currencies and other macro and micro drivers of the currency markets. This is not a trading book per se (it does not tell you how to trade various markets) - but a great supplement to the trader's understanding of the markets he or she trades in. If you trade forex but don't understand the concepts in this book, my bet is that you are a losing trader, whether you trade long-term or short.
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44 of 52 people found the following review helpful By Tom Wilson "Tommy" on December 23, 2008
Format: Hardcover
This book will be helpful to those seeking an introduction to the interrelatedness of the currency, commodity, equity and fixed income markets. The book is well written and easy to read. However, I would not suggest the book to a person with no technical, economic or financial background.
I have followed Mr. Laidi's currency outlook for over a decade now both on TV and in print, and can honestly say that I have yet to come across another analyst with the foresight of Mr. Laidi (he called the bear market and USD collapse when the rest of Wall St. were still believing in an unending bull market).
Although many of his correlations referenced in this book are obviously backward looking, it does teach traders to take a global market perspective before narrowing down to specific currency pairs. I felt his explanation of the FED, under both Greenspan and Bernanke, really did a good job on a very difficult topic, as many traders, like myself, really don't understand the different weapons the Fed and other central banks posses.
Equally useful and informative was his chapter on the effect of interest rates, there isn't enough space for me to go into it, instead I will let you gather the pearls of wisdom for yourself.
Mr. Laidi finally concludes that some of the historical tendencies are currently being challenged and that only time will tell if a new relationship has emerged or if history will again be proven right. Pick up this book if you want to read the work of an original thinker at the top of his craft. Whether you trade FX or another market, I think you will benefit from Mr. Laidi's insight.
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14 of 16 people found the following review helpful By Jackal on July 16, 2010
Format: Hardcover
Work on intermarket analysis is quite descriptive and not very analytical. The classic Intermarket Analysis: Profiting from Global Market Relationships (Wiley Trading) suffers from that weakness and so does the current book. The current book is not bad, as long as you know what you're getting.

The first part deals with historical events, with a focus on the 1997 to 2007 period. It is always good to know history, but there is absolutely no guarantee that the intermarket relationships present at that time are going to be valid in the future.

The second part deals with current relationships; yield curves, US trade and budget deficits, and commodities. This is quite interesting if you are not at all familiar with the ideas. So this section might serve as a primer. What is really odd is the very strong US focus here. Currency trading always consists of two currencies so it absolutely does not make any sense to focus on the US alone. For this reason I give the book only three stars.

I have written several short reviews on trading books. The best way is to compare the score on the books I've read. Many reviews on amazon.com are just glorious 5 star reviews. I use all five categories; sorry but everything isn't "great". Books rated 5 are very good. Books rated 4 are good solid books well worth reading. Books rated 3 can be bought by some people who read a lot or have very specific needs. Books rated 1 or 2 I would not recommend buying or reading. Naturally all in my humble opinion.
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8 of 9 people found the following review helpful By RickC on September 23, 2011
Format: Hardcover
Most of the book is on the U.S. dollar, so if you're looking for any real insight into the other major currencies, you'll be a little disappointed. The first 100 pages or so are a very boring play-by-play of the last few decades, trying to relate things like oil crises or interest rate increases to changes in the dollar. It was so bad, I almost stopped reading it, and put it on the shelf with so many other disappointments. There were a few nuggets of information and insight in the middle of the book, but then the last 1/3 of the book drifted back into play-by-play descriptives again, where very little insight or value is given.

Despite trying to relate interest rates, oil, inflation rates, etc. to currency movements, it seemed that though he would give an "event" followed by an effect on the dollar, there was another case in a different scenario where that the same "event" had no effect, or even the opposite effect on the dollar. Sometimes he pointed that out, and sometimes he ignored that in order to make another point. In other words, it's interesting, but there's no cause and effect that's reliable enough to make money from - so why bother.

One final point I want to make. Somebody should take the publisher, Wiley Trading, to task over the charts in their books. I've bought many of their books, and they make no effort to produce charts that are readable. In this book there must be a hundred charts, and 2/3 of them are multi-line charts where all the lines are grey. Useless. I can't tell the line representing Gold from the line representing the dollar, from the line representing interest rates. Useless.
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