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CFA L2 FinQuiz CFA L2 FinQuiz Reading (14-16)-Economics-L2-2013推荐
Reading 14 Currency Exchange Rates: Determination and Forecasting 3
2. FOREIGN EXCHANGE MARKET CONCEPTS 1
Exchange rate: An exchange rate is the price of one the selling rate (offer price) the wider the bid-ask 0
currency (price currency) in terms of another currency spread, the higher the profit for a dealer.
(base currency) i.e. the number of units of price • The size of the bid-offer spread (in pips) can vary 2
currency that can be bought by one unit of base widely across exchange rates and over time.
currency, quoted as P/B.
Important Points:
• For example, A/ B refers to the number of units of
‘Currency A’ that can be bought by one unit of 1) Bid Price is always lower than Offer Price.
‘Currency B’. 2) The counterparty in the transaction will have the
• Currency B is the Base currency and Currency A is option (but not the obligation) to deal at either the
the Price currency. bid price (to sell the base currency) or offer price (to
• Typically, exchange rates are quo
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