Using Information Gleaned From CurrencyThoughts
September 4, 2008
The broad field of currency analysis encompasses a symbiotic array of cottage industries. For Investors and short-term traders, who actually participate in the foreign exchange market, a place is needed to get accurate price information and to engage in electronic market activity. Before any actions are taken, people go through an information-gathering process to decide on a plan. Past price movement and the trading volumes associated with such trends contain abundant analytical information. Known as “technical analysis,” that strategic approach is practiced in seemingly infinite ways. Currency movement is also shaped by a never-ending flow of economic and other events. Since central banks influence the supply of money and currency rates are the prices at which different national monies get exchanged, the activities of central banks attract special attention. Most currency market watchers are news junkies, and the task of collating and presenting such information in a timely way commands a central role.
Although a daily feature of this site is a rundown of the news that has developed between the close of trading in New York on one day and the wee early hours of the next trading day, the primary mission of CurrencyThoughts is news interpretion, using the hindsight of 34 years of combined experience at the Foreign Desk of the New York Federal Reserve Bank and the renowned Chemical Bank Foreign Exchange Advisory and Ried Thunberg investment services and the foresight such creates for identifying patterns and anticipating how developments are likely to steer near or veer far from what has occurred before.
CurrencyThoughts can be used effectively in combination with web sources that meet other aspects of the foreign currency field. For one place where reliable, timely exchange rates can be obtained, as well as major forex news headlines and more, I’ve found XE to be quite useful. For seasoned interpretation of the story and its proper context, stay tuned to CurrencyThoughts.
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