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FX & Currency Markets

The market behind every cross-border payment. This section covers FX liquidity, currency pegs and devaluations, offshore currency markets and non-deliverable forwards, FX swaps and forwards, parallel exchange rates, exchange rate regimes and the currency crises that happen when a peg can no longer be defended.

Sub-topicsFX LiquidityCurrency PegsDevaluationsOffshore Currency MarketsNon-Deliverable ForwardsFX SwapsForwardsParallel Exchange RatesCurrency CrisesExchange Rate Regimes

How Currencies Are Priced, Defended and Broken

Every cross-border payment ends in a currency trade. This section explains the market behind it: where liquidity comes from, how pegs are held and why they fail, what offshore markets price that onshore ones will not, and the instruments businesses use to lock in a rate.

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