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Foreign Exchange: A Practical Guide to the FX Markets [Hardcover]

Tim Weithers
5.0 out of 5 stars  See all reviews (1 customer review)
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Book Description

Aug. 12 2013 0471732036 978-0471732037 1
Praise for Foreign Exchange

"Tim Weithers starts by telling the reader that foreign exchange is not difficult, just confusing, but Foreign Exchange: A Practical Guide to the FX Markets proves that money is much more exciting than anything it buys. This useful book is a whirlwind tour of the world's largest market, and the tour guide is an expert storyteller, inserting numerous fascinating insights and quirky facts throughout the book."
-John R. Taylor, Chairman, CEO and CIO, FX Concepts

"The book reflects the author's doctorate from the University of Chicago, several years' experience as an economics professor, and, most recently, a very successful decade as an executive at a huge international bank. These fundamental ingredients are seasoned with bits of wisdom and experience. What results is a very tasty intellectual stew."
-Professor Jack Clark Francis, PhD, Professor of Economics and Finance, Bernard Baruch College

"In this book, Tim Weithers clearly explains a very complicated subject. Foreign Exchange is full of jargon and conventions that make it very hard for non-professionals to gain a good understanding. Weither's book is a must for any student or professional who wants to learn the secrets of FX."
-Niels O. Nygaard, Director of Financial Mathematics, The University of Chicago

"An excellent text for students and practitioners who want to become acquainted with the arcane world of the foreign exchange market."
-David DeRosa, PhD, founder, DeRosa Research and Trading, Inc., and Adjunct Professor of Finance, Yale School of Management

"Tim Weithers provides a superb introduction to the arcana of foreign exchange markets. While primarily intended for practitioners, the book would be a valuable introduction for students with some knowledge of economics. The text is exceptionally clear with numeric examples and exercises that reinforce concepts. Frequent references are made to the economic theory behind the trading practices."
-John F. O'Connell, Professor of Economics, College of the Holy Cross

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Product Description

From the Inside Flap

In today's global marketplace, there is a critical need for both individual and professional investors to become better acquainted with foreign exchange. As economies become more intertwined and currencies continue to fluctuate, we must understand and be able to evaluate the foreign exchange (FX) markets when dealing with a variety of concerns, from consumption decisions and investment portfolios to business and retirement plans.

Throughout his academic and professional financial careers, Tim Weithers has introduced thousands of people to the foreign exchange markets and empowered them to navigate this dynamic environment. Now, in Foreign Exchange: A Practical Guide to the FX Markets, Weithers shares his knowledge, insights, intuition, and many years of experience with you.

Blending theory and practice, this straightforward financial primer takes the technical information commonly associated with today's FX markets and makes it more accessible. First, you'll become familiar with some of the basic elements of foreign exchange—major currencies, bid-ask spreads, and the importance of interest rates—as well as gain some historical perspective on the evolution and development of the FX markets. After this introductory overview, you'll receive a detailed description of the products, techniques, and strategies that can be used to master the foreign exchange markets.

Topics discussed within the following pages include:

  • The foreign exchange spot market
  • FX forwards and futures
  • Cross-currency interest rate swaps
  • FX options, structured products, and exotic options
  • The economics of exchange rates and international trade
  • Currency crises
  • Modern developments
  • And much more

With this book as your guide, you'll also gain a solid understanding of how the FX market and its instruments work; acquire an ability to look beyond the noise of news reports and stories presented by the popular media and financial press; and learn how to avoid some of the most common mistakes made in today's FX markets.

Filled with in-depth insights and helpful recommendations, and backed by numerous examples and exercises, Foreign Exchange frames the FX market in practical economic terms that can help you make sense of this ever-evolving, and often confusing, environment.

From the Back Cover

Praise for Foreign Exchange

"Tim Weithers starts by telling the reader that foreign exchange is not difficult, just confusing, but Foreign Exchange: A Practical Guide to the FX Markets proves that money is much more exciting than anything it buys. This useful book is a whirlwind tour of the world's largest market, and the tour guide is an expert storyteller, inserting numerous fascinating insights and quirky facts throughout the book."
—John R. Taylor, Chairman, CEO and CIO, FX Concepts

"The book reflects the author's doctorate from the University of Chicago, several years' experience as an economics professor, and, most recently, a very successful decade as an executive at a huge international bank. These fundamental ingredients are seasoned with bits of wisdom and experience. What results is a very tasty intellectual stew."
—Professor Jack Clark Francis, PhD, Professor of Economics and Finance, Bernard Baruch College

"In this book, Tim Weithers clearly explains a very complicated subject. Foreign Exchange is full of jargon and conventions that make it very hard for non-professionals to gain a good understanding. Weither's book is a must for any student or professional who wants to learn the secrets of FX."
—Niels O. Nygaard, Director of Financial Mathematics, The University of Chicago

"An excellent text for students and practitioners who want to become acquainted with the arcane world of the foreign exchange market."
—David DeRosa, PhD, founder, DeRosa Research and Trading, Inc., and Adjunct Professor of Finance, Yale School of Management

"Tim Weithers provides a superb introduction to the arcana of foreign exchange markets. While primarily intended for practitioners, the book would be a valuable introduction for students with some knowledge of economics. The text is exceptionally clear with numeric examples and exercises that reinforce concepts. Frequent references are made to the economic theory behind the trading practices."
—John F. O'Connell, Professor of Economics, College of the Holy Cross


Inside This Book (Learn More)
First Sentence
When many of us think of foreign exchange, what comes to mind are those little booths in the airport at which we can exchange, say, our United States Dollars for British Pounds Sterling when on our way to or from a vacation or business trip. Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Customer Reviews

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Most helpful customer reviews
5.0 out of 5 stars Very helpful to understand FOREX Sept. 9 2013
Format:Hardcover|Verified Purchase
I started a new job and I need to understand the basics of Foreign Exchange. That book really help my to understand that world. The author explain very well the different concepts of Foreing Exchange. Also, the book provide exercises to practice some concepts.
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Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com: 4.3 out of 5 stars  6 reviews
27 of 28 people found the following review helpful
5.0 out of 5 stars Very informative, very readable March 8 2007
By Paul Teetor - Published on Amazon.com
Format:Hardcover|Verified Purchase
This book was exactly what I needed. I was familiar with forex futures, and I wanted to break into the cash forex market and possibly into currency options. This book gave me a clear explanation of the markets, including the conventions, the mechanics, the spot market, forex swaps, forex options, etc., and some of the factors which drive exchange rates (e.g., interest rates).

The book is very readable. Usually, this sort of thing puts me to sleep. But I knocked off a chapter per day, no problem. The author is a member of the UBS training department, and he clearly has experience explaining this topic to the uninitiated.

The math is quite light. Nothing more complicated than algebra, which is necessary to explain some pricing logic.

The book does not contain trading secrets. It is not a system for trading forex. It does not explain How I Made $1,000,000 Trading Forex. It will not help you pick a broker. It is not an exposition on the stochastic theory of forex pricing. It is, however, a clear explanation of the FX markets.
9 of 12 people found the following review helpful
4.0 out of 5 stars Basic FX knowledge Nov. 9 2006
By M. Ambastha - Published on Amazon.com
Format:Hardcover|Verified Purchase
The book is good for someone with no exposure to FX markets and for those who want to get a handle on things like how rates are quoted, why digital options make sense etc. The only gripe I have about this book is that it is an introduction to the topic, and not an advanced exposition on FX models, etc. Otherwise it is well written.
1 of 1 people found the following review helpful
5.0 out of 5 stars Very Readable April 5 2008
By Amazon Customer - Published on Amazon.com
Format:Hardcover|Verified Purchase
This is an excellent introduction to foreign exchange. The tone is conversational, with the occasional amusing anecdote, which makes it very easy reading.
2 of 3 people found the following review helpful
5.0 out of 5 stars A must reading April 9 2012
By Shady Bahouth - Published on Amazon.com
Format:Hardcover
Mr. Weithers had share in his book lot of valuable insights. As a professional trader of the FX market for more than 15 years ago, as well as a Lecturing on this subject on several universities in Israel I truly recommend Mr. Weithers' book as a must reading for both beginners and professional. Frankly, it worth reading time spent on it.

Sencirily,
Shady Bahouth
2 of 4 people found the following review helpful
5.0 out of 5 stars Foreign Exchange is foreign no longer Sept. 5 2007
By Kevin J. O'Mara - Published on Amazon.com
Format:Hardcover
The esteemed Dr. Weithers explains the foreign exchange market nuances with elan, wit and clarity. I would be very much suprised if this book is not considered the definitive work on the topic in the very near future. Brilliant, bold and insightful.
Kevin J. O'Mara
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