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How Currency Markets Work
An Insider's Guide to a System Driven by Geopolitics and Trader Psychology
Andrew Nissenbaum (Author), Patrick Cullen (Author)
9781394335176, Wiley
Hardback, published 13 April 2026
256 pages
23.1 x 16 x 3 cm, 0.454 kg
An insider’s original take on how global currency markets operate in the real world In How Currency Markets Work, a veteran currency trader and a geopolitical risk analyst deliver a comprehensive and street-smart guide for understanding currency markets. The authors combine insights from the worlds of trading, economics, and geopolitics to create an eye-opening and original new take on how currency prices are determined. This book bridges the gap between how currency markets are taught and how they actually trade, using character-driven narratives built on real-world market events and data to explain currency trading successes and failures in intuitive and practical ways. Inside the book: A deeply insightful and accessible exploration of a much-discussed topic, How Currency Markets Work is a powerful new resource for academics, researchers, hedge fund managers, bank traders, policymakers, and practicing and aspiring forex traders.
Preface xiii Acknowledgments xv Chapter 1 The Global Currency Market 1 Chapter 2 Speculators: The Bank of China, Proprietary Desks, Hedge Funds, and Retail Traders 17 Chapter 3 Corporate Hedgers: The Hidden Giants of Currency Markets 39 Chapter 4 Market Structure: The Architecture of Major and Emerging Currencies 59 Chapter 5 Trading Political and Geopolitical Risk 81 Chapter 6 The Psychology of Currency Trading 101 Chapter 7 How Traders React to Market Events 123 Chapter 8 Liquidity, Volatility, Basis, and Tail: A Trader’s Guide 141 Chapter 9 Stocks, Bonds, and the Currency Markets 159 Chapter 10 Mathematical Patterns in Triangles, Convexity, and Forward Gaps 177 Chapter 11 Advanced Trading: Probability, Volatility, and Speed 195 Appendix 217 Glossary 221 About the Authors 231 Index 233
Subject Areas: Finance & accounting [KF]
