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September 28, 2004
Moving at the Speed of Currency
How much money is changing hands between counties? The Financial Times reports today:
Trading on the world's foreign exchange markets has leapt to a record $1,900bn a day, driven by renewed interest in currencies as an asset class and the return of hedge funds specialising in currency bets.
To put that in perspective, using that daily figure the market value of foreign currency transactions in one week is greater than the market value of the Gross Domestic Product of the U.S. for the entire year. When that much money can move that quickly, it is a clear sign the Forex markets are efficient.
Posted by Peter Mork at September 28, 2004 4:33 PM
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