Tham khảo tài liệu 'a manager's guide to knowing what the numbers really mean_2', kinh doanh - tiếp thị, quản trị kinh doanh phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | The FOREX Landscape 5 services in a foreign country and must subsequently convert profits made in foreign currencies into their own domestic currency in the course of doing business. This is primarily hedging activity. The majority now consists of investors trading for profit or speculation. Speculators range from large banks trading 10 000 000 currency units or more and the home-based operator trading perhaps 10 000 units or less. Retail FOREX as much as it has grown in the past 10 years still represents a small percentage of the total daily volume but its numbers and significance are growing rapidly. Today importers and exporters international portfolio managers multinational corporations high-frequency traders speculators day traders longterm holders and hedge funds all use the FOREX market to pay for goods and services to transact in financial assets or to reduce the risk of currency movements by hedging their exposure in other markets. A producer of widgets in the United Kingdom is intrinsically long the British Pound GBP . If they sign a long-term sales contract with a company in the United States they may wish to buy some quantity of the USD and sell an equal quantity of the GBP to hedge their margins from a fall in the GBP. The speculator trades to make a profit by purchasing one currency and simultaneously selling another. The hedger trades to protect his or her margin on an international transaction for example from adverse currency fluctuations. The hedger has an intrinsic interest in one side of the market or the other. The speculator does not. Speculation is not a bad word. Speculators add liquidity to a market making it easier for everyone to transact business by setting efficient prices. They also absorb risks that exist in the marketplace. This latter differs from the gambler who creates risks in order to take them. How Are Currency Prices Determined Currency prices are affected by a large matrix of constantly changing economic and political .
