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Foreign Exchange Rates
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- 2017 год
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Foreign Exchange Rates
The foreign exchange market is the market in which the currencies of different countries are exchanged for one another. The foreign exchange market is made up of thousands of people all over the world - importers and exporters, banks and specialists in the buying and selling of foreign exchange called foreign exchange brokers.
The foreign exchange market opens on Monday morning in Tokyo when it is still midnight on Sunday in London. As the day advances, the foreign exchange market also opens in Zurich, Frankfurt, London, New York and finally in Vancouver and Los Angeles.
Before these last two markets have closed, Tokyo is open again for the next day of business.
The price at which one currency exchanges for another is called foreign exchange rate.
In the UK there are three possible foreign exchange regimes.
They are:
- fixed exchange rate;
- flexible- (or floating) exchange rate;
- managed exchange rate.
Under a fixed exchange rate regime, the value of the pound would be pegged by the Bank of England. Under a flexible exchange rate regime, the value of the pound would be determined by market forces with no intervention by the Bank of England. Under a managed exchange rate regime, the Bank of England would intervene in the foreign exchange market to smooth out fluctuations in the value of the pound but it would not seek to maintain the pound at an absolutely constant value for a long period of time.
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