Foreign Exchange (FX) #primers

In these videos, we detail how FX market products, as well as theories & official sector drivers:

> FX Products
> Spot/Forward Transaction
> FX Swap (revisited)
> Theories Explaining FX Prices
> Official FX Drivers
> Case Studies:
> Asian Financial Crisis
> Sri Lanka
> Swiss Un-Peg
> Safe Haven Yen

For those who prefer text, here is the slideshow PDF. In addition, all of this is available as text in Central Banking 101.

Additional Readings:
• A key currency view of global imbalances. McCauley and Ito. BIS Working Paper December 2018.
• BIS Triennial Central Bank Survey OTC foreign exchange turnover in April 2022.
• “Central bank swaps then and now: swaps and dollar liquidity in the 1960s.” McCauley and Schenk. BIS Working Paper April 2020.
• “Currency Momentum Strategies.” Menkhoff et al. BIS Working Paper No 366.
• “Dollar debt in FX swaps and forwards: huge, missing and growing.” BIS Quarterly Review December 2022.
• “The Asia Crisis: Causes, Policy Responses, and Outcomes.” Berg. IMF Working Paper October 1999.
• “The Curious Case of the Yen as a Safe Haven Currency: A Forensic Analysis.” Botman et al. IMF Working paper November 2013.