Курсы валютно-обменных операций 2




The customer takes up positions in foreign exchange by his expectations as to future rate trends. These expectations are influenced by the extremely large number of factors. The latter can be divided up systematically into fundamental and technical factors.

e

'credible
— стоящий доверия
Э:

volatility
- колебание
ae

To carry away
— отклоняться


Comprehension Questions

1. What is the difference between a nominal and real exchange rate?
2. Why is the forecasting of forex rates moves so difficult?
3. What approaches in forex forecasting yield good results?
4. What events drive financial markets nowadays?
5. What market rumours should be taken into account?
6. Why do stable prices facilitate economic growth?
7. How can central banks influence financial markets?
8. What is the customer guided by in taking forex decisions?

Exercises

Ex. 1. Put questions to the underlined words.
Ex. 2. Point out verbal constructions and state their syntactical function in the sentence.
Ex. 3. Read and translate the text.
Ex. 4. Translate this dialogue from English into Russian in writing and from Russian into English orally.

Dialogue

Client: What is the meaning of real exchange fate?
Broker: Inflation changes nominal exchange rate. If British inflation has been 10 percent over the past year, while German inflation has been 0 percent, the pound sterling devalues against the mark by 10 percent.
Client: But the nominal rate does not reflect this change. Does it?
Broker: No it doesn't. We do not sell it. But it takes 10 percent more pounds to buy a mark, 10 percent more pounds to buy a coat in England because of 10 percent inflation there.

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