This is a nontechnical exploration into the mechanics of the foreign exchange market, which Williams (Guilford College) nicely motivates by starting with an ordinary retail transaction--an ATM withdrawal of local currency in a foreign country--and tracing it through the wholesale foreign exchange markets to show what actually happens. In doing so, the author provides an intuitive way to explore the most important and arguably the most efficient market in the world, which makes international trade, investment, and financial transfers possible. Individual chapters deal with the nature of spot and forward foreign exchange transactions; how deals get arranged, consummated, and settled; who the major players are; the nature of trading strategies; the sources of exchange rate volatility; the sources of market shocks; and the comparative roles of the euro and the dollar. The discussion is up-to-date, and the use of dialogue makes the book very accessible to the intelligent but uninformed reader. Summing Up: Highly recommended. General readers; all levels of undergraduates.
Ingo Walter, Seymour Milstein Professor of Finance, Corporate Governance and Ethics at the Stern School of Business, New York University
'Currency trade is made accessible through the recounting of a series of personal experiences of the author, and professional encounters ranging from bank managers to backroom traders...endeavours to bring abstract concepts of currency exchange down to earth and portray in simple terms the geographical and structural organisations of global currency.'
Oxfam Reviews of Journals
'Ambitious and informative...a colourful history of international finance.'
Tribune, November 2006