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Foreign Exchange: A Practical Guide to the FX Markets Hardcover – August 12, 2013


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Foreign Exchange: A Practical Guide to the FX Markets + A Foreign Exchange Primer + Foreign Exchange Operations: Master Trading Agreements, Settlement, and Collateral
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Editorial Reviews

From the Inside Flap

In today's global marketplace, there is a critical need for both individual and professional investors to become better acquainted with foreign exchange. As economies become more intertwined and currencies continue to fluctuate, we must understand and be able to evaluate the foreign exchange (FX) markets when dealing with a variety of concerns, from consumption decisions and investment portfolios to business and retirement plans.

Throughout his academic and professional financial careers, Tim Weithers has introduced thousands of people to the foreign exchange markets and empowered them to navigate this dynamic environment. Now, in Foreign Exchange: A Practical Guide to the FX Markets, Weithers shares his knowledge, insights, intuition, and many years of experience with you.

Blending theory and practice, this straightforward financial primer takes the technical information commonly associated with today's FX markets and makes it more accessible. First, you'll become familiar with some of the basic elements of foreign exchange—major currencies, bid-ask spreads, and the importance of interest rates—as well as gain some historical perspective on the evolution and development of the FX markets. After this introductory overview, you'll receive a detailed description of the products, techniques, and strategies that can be used to master the foreign exchange markets.

Topics discussed within the following pages include:

  • The foreign exchange spot market
  • FX forwards and futures
  • Cross-currency interest rate swaps
  • FX options, structured products, and exotic options
  • The economics of exchange rates and international trade
  • Currency crises
  • Modern developments
  • And much more

With this book as your guide, you'll also gain a solid understanding of how the FX market and its instruments work; acquire an ability to look beyond the noise of news reports and stories presented by the popular media and financial press; and learn how to avoid some of the most common mistakes made in today's FX markets.

Filled with in-depth insights and helpful recommendations, and backed by numerous examples and exercises, Foreign Exchange frames the FX market in practical economic terms that can help you make sense of this ever-evolving, and often confusing, environment.

From the Back Cover

Praise for Foreign Exchange

"Tim Weithers starts by telling the reader that foreign exchange is not difficult, just confusing, but Foreign Exchange: A Practical Guide to the FX Markets proves that money is much more exciting than anything it buys. This useful book is a whirlwind tour of the world's largest market, and the tour guide is an expert storyteller, inserting numerous fascinating insights and quirky facts throughout the book."
—John R. Taylor, Chairman, CEO and CIO, FX Concepts

"The book reflects the author's doctorate from the University of Chicago, several years' experience as an economics professor, and, most recently, a very successful decade as an executive at a huge international bank. These fundamental ingredients are seasoned with bits of wisdom and experience. What results is a very tasty intellectual stew."
—Professor Jack Clark Francis, PhD, Professor of Economics and Finance, Bernard Baruch College

"In this book, Tim Weithers clearly explains a very complicated subject. Foreign Exchange is full of jargon and conventions that make it very hard for non-professionals to gain a good understanding. Weither's book is a must for any student or professional who wants to learn the secrets of FX."
—Niels O. Nygaard, Director of Financial Mathematics, The University of Chicago

"An excellent text for students and practitioners who want to become acquainted with the arcane world of the foreign exchange market."
—David DeRosa, PhD, founder, DeRosa Research and Trading, Inc., and Adjunct Professor of Finance, Yale School of Management

"Tim Weithers provides a superb introduction to the arcana of foreign exchange markets. While primarily intended for practitioners, the book would be a valuable introduction for students with some knowledge of economics. The text is exceptionally clear with numeric examples and exercises that reinforce concepts. Frequent references are made to the economic theory behind the trading practices."
—John F. O'Connell, Professor of Economics, College of the Holy Cross

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Product Details

  • Hardcover: 336 pages
  • Publisher: Wiley; 1 edition (August 12, 2013)
  • Language: English
  • ISBN-10: 0471732036
  • ISBN-13: 978-0471732037
  • Product Dimensions: 6.4 x 1.1 x 9.3 inches
  • Shipping Weight: 1.5 pounds (View shipping rates and policies)
  • Average Customer Review: 3.9 out of 5 stars  See all reviews (7 customer reviews)
  • Amazon Best Sellers Rank: #183,240 in Books (See Top 100 in Books)

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Customer Reviews

3.9 out of 5 stars
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Most Helpful Customer Reviews

28 of 29 people found the following review helpful By Paul Teetor on March 8, 2007
Format: Hardcover Verified Purchase
This book was exactly what I needed. I was familiar with forex futures, and I wanted to break into the cash forex market and possibly into currency options. This book gave me a clear explanation of the markets, including the conventions, the mechanics, the spot market, forex swaps, forex options, etc., and some of the factors which drive exchange rates (e.g., interest rates).

The book is very readable. Usually, this sort of thing puts me to sleep. But I knocked off a chapter per day, no problem. The author is a member of the UBS training department, and he clearly has experience explaining this topic to the uninitiated.

The math is quite light. Nothing more complicated than algebra, which is necessary to explain some pricing logic.

The book does not contain trading secrets. It is not a system for trading forex. It does not explain How I Made $1,000,000 Trading Forex. It will not help you pick a broker. It is not an exposition on the stochastic theory of forex pricing. It is, however, a clear explanation of the FX markets.
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9 of 12 people found the following review helpful By M. Ambastha on November 9, 2006
Format: Hardcover Verified Purchase
The book is good for someone with no exposure to FX markets and for those who want to get a handle on things like how rates are quoted, why digital options make sense etc. The only gripe I have about this book is that it is an introduction to the topic, and not an advanced exposition on FX models, etc. Otherwise it is well written.
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1 of 1 people found the following review helpful By Amazon Customer on April 5, 2008
Format: Hardcover Verified Purchase
This is an excellent introduction to foreign exchange. The tone is conversational, with the occasional amusing anecdote, which makes it very easy reading.
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2 of 3 people found the following review helpful By Shady Bahouth on April 9, 2012
Format: Hardcover
Mr. Weithers had shared in his book lot of valuable insights. As a professional trader of the FX market for more than 15 years ago, as well as a Lecturing on this subject on several universities on FX trading and Hedging I truly recommend Mr. Weithers' book as a must reading for both beginners and professional. Frankly, it worth reading time spent on it.

Secondarily,
Shady Bahouth
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