Nhiều yếu tố ảnh hưởng đến giá trị của một tài sản hay thị trường, và trong phần này của cuốn sách, chúng tôi cố gắng để giải thích những yếu tố về đơn giản hóa. Chúng ta cần phải nhận thức được rằng nguyên tắc cơ bản di chuyển các thị trường trên cả hai cấp ngắn hạn và dài hạn bởi vì đó có thể cung cấp cơ sở cho một quyết định kinh doanh. | This page intentionally left blank CHAPTER THE WHY OF PRICE VALUATION Fundamental analysis focuses on the why of price valuation for a stock an index or a currency. Multiple factors affect the value of an asset or market and in this part of the book we attempt to explain those factors in simplified terms. We need to be aware that fundamentals move the market on both the short-term and long-term levels because that can provide the basis for a trading decision. However when it comes to execution which involves the when and the how in the trading equation we rely on additional information to supplement the fundamentals. Fundamental analysis historically has been used to evaluate the worth of a company by valuing its stock price. As we have seen new markets emerge and new financial instruments develop fundamental analysis has been used to price those markets and instruments as well. When applied to the forex market fundamental analysis has a twofold purpose determining the short-term impact on currency prices and forecasting long-term trends. We will examine some of the underlying 21 MASTERING THE CURRENCY MARKET forces that affect fundamentals. We ve chosen to focus on . fundamentals because the . dollar is involved in approximately 70 percent of currency transactions. The overall generalizations we make about . economic indicators and . interest rates apply in the same manner to other countries fundamentals and interest rates in relation to their currency valuations. Keep in mind that currency trading is relative from currency to currency and economy to economy as the business cycle evolves. When it comes to buying and selling currencies at different times in the global business cycle it is not about identifying the strongest currency so much as it is a matter of identifying the least weak currency. Effect of the Business Climate The same forces that affect the value of a business have an impact on the price of currencies. In fundamental terms a company .
