
How Currency Markets Work
An Insider's Guide to a System Driven by Geopolitics and Trader Psychology
Wiley (Publisher)
1st Edition
Will be published approx. on 13. April 2026
Book
Hardback
256 pages
978-1-394-33517-6 (ISBN)
Description
An insider's original take on how global currency markets operate in the real world
In How Currency Markets Work, a veteran currency trader and a geopolitical risk analyst deliver a comprehensive and street-smart guide for understanding currency markets. The authors combine insights from the worlds of trading, economics, and geopolitics to create an eye-opening and original new take on how currency prices are determined.
This book bridges the gap between how currency markets are taught and how they actually trade, using character-driven narratives built on real-world market events and data to explain currency trading successes and failures in intuitive and practical ways.
Inside the book:
Actionable tools and tested strategies for currency trading you can apply immediately to improve your returns and your portfolio's risk profile
Clear real-world examples of how geopolitical events, wars, and political shifts impact currency values
Profiles of the speculators, corporate hedgers, and central banks whose interplay shapes exchange rates
Advanced strategies for options, volatility trading, and exploiting mathematical relationships in currency markets
A deeply insightful and accessible exploration of a much-discussed topic, How Currency Markets Work is a powerful new resource for academics, researchers, hedge fund managers, bank traders, policymakers, and practicing and aspiring forex traders.
In How Currency Markets Work, a veteran currency trader and a geopolitical risk analyst deliver a comprehensive and street-smart guide for understanding currency markets. The authors combine insights from the worlds of trading, economics, and geopolitics to create an eye-opening and original new take on how currency prices are determined.
This book bridges the gap between how currency markets are taught and how they actually trade, using character-driven narratives built on real-world market events and data to explain currency trading successes and failures in intuitive and practical ways.
Inside the book:
Actionable tools and tested strategies for currency trading you can apply immediately to improve your returns and your portfolio's risk profile
Clear real-world examples of how geopolitical events, wars, and political shifts impact currency values
Profiles of the speculators, corporate hedgers, and central banks whose interplay shapes exchange rates
Advanced strategies for options, volatility trading, and exploiting mathematical relationships in currency markets
A deeply insightful and accessible exploration of a much-discussed topic, How Currency Markets Work is a powerful new resource for academics, researchers, hedge fund managers, bank traders, policymakers, and practicing and aspiring forex traders.
More details
Language
English
Place of publication
New York
United States
Target group
Professional and scholarly
College/higher education
Dimensions
Height: 238 mm
Width: 160 mm
Thickness: 20 mm
Weight
520 gr
ISBN-13
978-1-394-33517-6 (9781394335176)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Other editions
Additional editions

Andrew Nissenbaum | Patrick Cullen
How Currency Markets Work
An Insider's Guide to a System Driven by Geopolitics and Trader Psychology
E-Book
04/2026
1st Edition
Wiley-ISTE
€44.99
Available for download

Andrew Nissenbaum | Patrick Cullen
How Currency Markets Work
An Insider's Guide to a System Driven by Geopolitics and Trader Psychology
E-Book
04/2026
1st Edition
Wiley-ISTE
€44.99
Available for download
Persons
ANDREW NISSENBAUM is the Founder and CEO of Macrofund and a seasoned interbank currency trader. He served as Head of Macro Research at Soros Fund Management's Quantum Fund and ran the top-ranked Hypothesis Macro Fund LTD at the age of 22.
PATRICK CULLEN is a -Geopolitical Risk Analyst with a PhD from the London School of Economics and Political Science. His work in the intelligence sector includes strategic foresight and horizon scanning. He is a thought leader in early warning and detection of hybrid threats.
PATRICK CULLEN is a -Geopolitical Risk Analyst with a PhD from the London School of Economics and Political Science. His work in the intelligence sector includes strategic foresight and horizon scanning. He is a thought leader in early warning and detection of hybrid threats.
Content
Preface xiii
Acknowledgments xv
Chapter 1 The Global Currency Market 1
Chapter 2 Speculators: The Bank of China, Proprietary Desks, Hedge Funds, and Retail Traders 17
Chapter 3 Corporate Hedgers: The Hidden Giants of Currency Markets 39
Chapter 4 Market Structure: The Architecture of Major and Emerging Currencies 59
Chapter 5 Trading Political and Geopolitical Risk 81
Chapter 6 The Psychology of Currency Trading 101
Chapter 7 How Traders React to Market Events 123
Chapter 8 Liquidity, Volatility, Basis, and Tail: A Trader's Guide 141
Chapter 9 Stocks, Bonds, and the Currency Markets 159
Chapter 10 Mathematical Patterns in Triangles, Convexity, and Forward Gaps 177
Chapter 11 Advanced Trading: Probability, Volatility, and Speed 195
Appendix 217
Glossary 221
About the Authors 231
Index 233
Acknowledgments xv
Chapter 1 The Global Currency Market 1
Chapter 2 Speculators: The Bank of China, Proprietary Desks, Hedge Funds, and Retail Traders 17
Chapter 3 Corporate Hedgers: The Hidden Giants of Currency Markets 39
Chapter 4 Market Structure: The Architecture of Major and Emerging Currencies 59
Chapter 5 Trading Political and Geopolitical Risk 81
Chapter 6 The Psychology of Currency Trading 101
Chapter 7 How Traders React to Market Events 123
Chapter 8 Liquidity, Volatility, Basis, and Tail: A Trader's Guide 141
Chapter 9 Stocks, Bonds, and the Currency Markets 159
Chapter 10 Mathematical Patterns in Triangles, Convexity, and Forward Gaps 177
Chapter 11 Advanced Trading: Probability, Volatility, and Speed 195
Appendix 217
Glossary 221
About the Authors 231
Index 233