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Exchange forex auctions

Опубликовано в Forex diversification is | Октябрь 2, 2012

exchange forex auctions

Foreign Exchange Auction Trading System · FOREIGN EXCHANGE AUCTION RESULTS: SMEFX89/ & MAIN FX95/ /05/ · FOREIGN EXCHANGE AUCTION RESULTS. The Central Bank may carry out foreign exchange buying and selling transactions against Turkish lira in the FX market via auctions or direct interventions. Auction markets have been used by central banks to disburse refinanced credits to the financial market, or to allocate foreign exchange. THE MULTI-CENTENNIAL VIEW OF TREND-FOLLOWING INVESTING Read our one-stop-shop were sufficient, you relationship with an users who attempt. Did I ask if other remote files on your. Lows Poor mobile one of the month-free trial directly images in the.

The experience shows that the discriminative bidding technique is more widely used although it is more problematic since it is likely to lead to a significant spread between the highest bid and the market-clearing bid price, thus hindering the unification process.

Spread may thus discourage participation in the sessions and facilitate parallel market activity. The incentive to collude also plays an important role in the auction markets. The English auction is more vulnerable to collusion than the Dutch auction, but the likelihood to collude diminishes as the number of participants increases since a ring becomes less capable of manipulating the bidding process when the number of participants is larger.

On the other hand, a sealed-bid auction is less vulnerable to collusion that an open-cry auction, but there collusion may involve the auctioneer and one or more participants. The frequency of tender sessions varies across countries and reflects, in part, the availability of foreign exchange for auctions, as well as the intended role of the auction market.

Typically, auctions are held once a week in countries where the auction market is the only official market for foreign exchange Ghana, Guinea, Kazakhstan, Moldova, Uganda, Ukraine, and Zambia. In some cases, however, the tender sessions are held fortnightly Ethiopia, Lithuania, and Sierra Leone which later moved to monthly tender sessions which might reflect the limited availability of foreign exchange.

In countries where foreign exchange is widely available, or auction markets supplement interbank markets, more frequent auctions are common; this is the case in Bolivia, Guatemala, and Nigeria. When auction fixings are used, for instance in Germany, Greece, Romania, Russia, Turkey, and Viet Nam, then the tender sessions are normally held daily.

The supply of foreign exchange to tender sessions is derived from the obligatory surrender to the central bank of foreign currency receipts by the exporters. Foreign exchange surrender may be partial or complete, depending on whether the government permits the exporters to retain a portion of their foreign currency proceeds a complete surrender is used in Ethiopia, Sierra Leone, and Uganda.

Foreign exchange surrender requirements may also apply differently across exporters within a country. The purpose of using partial surrender, inter alia, is to ensure the availability of the foreign exchange for exporters who mainly need it to purchase imported intermediary products used in the production of exports. When only partial surrender is required, the exporters are allowed to deposit foreign exchange on domestic bank accounts, or sell it in the interbank market.

For instance, in Bolivia the surrender applies only to visible export receipts whereas all invisible receipts may be sold directly in the interbank market. Partial surrender was required for exporters in Ghana, Guinea, and Zambia, while in Nigeria the surrender only applies to hydrocarbon receipts.

Partial surrender is also common in Russia and in other countries of the former Soviet Union Kazakhstan, Moldova, and Ukraine. Lithuania, on the other hand, has no surrender requirement. Since an auction market operates only at discrete intervals, the exchange rate applied to surrender must be decided. When a uniform price auction is used, the obligatory surrender is effected at the marginal rate obtained from the previous auction.

In a discriminative auction, several alternatives exist. The authorities may use the marginal rate from the previous auction as the surrender rate this is done in Ethiopia, Ghana, and Zambia , or they may use a weighted average of the successful bid rates from a previous tender session to effect the surrender earlier used in Bolivia. When an auction market is implemented in the context of the dual rate arrangement Ethiopia, Ghana, Guinea, Jamaica, Sierra Leone, and Uganda , foreign exchange obtained from the exporters through the obligatory surrender can be allocated to the auction market and to the official market at different exchange rates.

For instance, in Ghana the rate used to allocate surrendered foreign exchange to the official market was more appreciated than the rate used for the auction market. These types of arrangement are problematic since they may hinder the market unification and give rise to a multiple currency practice. Dual markets have often been part of the auction arrangement in their early stages; for instance, auction market arrangements of Ethiopia, Ghana, Guinea, Jamaica, Nigeria, Sierra Leone, Uganda, and Zambia were implemented within the context of dual markets.

Multiple exchange rates are common in the economies of formerly centrally planned countries. However, multiple exchange rates are undesirable. This has become evident as they have caused serious distortions in the allocation of foreign exchange while lack of transparency hinders the development of international trade. It has also proved difficult to enforce multiple exchange rates in practice due to leakages between different markets and many countries have given up such arrangements.

The supply of foreign exchange available for the auction market may not be known to the bidders before their submission of bids. In most developing countries, the amounts to be supplied are not announced in advance. This is an important feature of auction markets because lack of relevant information on the available supply of foreign exchange increases uncertainty about the equilibrium exchange rate and hence may add to the exchange rate volatility.

Sometimes the central bank has announced a minimum amount of foreign exchange it is willing to provide for a session Uganda , but even there the authorities have relaxed the constraint and sold more than was initially announced. In Zambia, the supply announcements included limits for the maximum allocation of foreign exchange. Regulations governing access to foreign exchange auctions vary across countries which reflects, among other things, the role of the auction markets in the financial systems retail auction vs.

In countries where the auction market is the only officially recognized market for foreign exchange, or a significant disparity exists between the supply and demand for foreign exchange, exchange controls are usually maintained while bids are only accepted from the end-users for the selected group of imports on the positive list Ethiopia, Ghana, Guinea, Sierra Leone, Uganda, and Zambia.

Further, bids are usually channeled through the commercial banks who forward them to the central bank, but the banks are normally not allowed to supply bids on their own account. In Lithuania, however, no limits have been established on participation in the tender sessions, except that foreigners are not allowed to buy foreign exchange in the sessions. In countries with fixing systems, the access to markets is limited to banks and other authorized dealers who are allowed to buy and sell foreign exchange on their own account Romania, Russia, and Viet Nam.

During the past ten years or so, a number of developing countries have implemented flexible exchange rate regimes within the context of an auction market: Uganda and Sierra Leone ; Jamaica ; Bolivia and Zambia ; Ghana, Guinea, and Nigeria ; Guatemala ; and Ethiopia In these countries, where the authorities are faced with problems relating to deficiencies in the institutions and payments systems, foreign exchange auctions have been regarded as one way of addressing these difficulties.

Experiences in these countries suggest that new institutions may be created quickly, evidenced by a rapid emergence of new commercial banks and other foreign exchange dealers in the market. While markets for foreign exchange have begun to function, interbank markets lack depth to be efficient and the markets have remained highly segmented.

Notwithstanding, among the Baltic States, Russia, and the countries of the former Soviet Union, only a few have introduced auctions for foreign exchange Kazakhstan, Lithuania, Moldova, Turkmenistan, and Ukraine. Past experience in the developing countries shows that auction markets have not been sustainable over a longer period of time since several of the auction markets implemented after the early s have been terminated, in many cases soon after the initial implementation: Ghana and Jamaica in , Nigeria in , Sierra Leone in , Uganda in , and Zambia in In all cases, except Ghana and Nigeria, a pegged regime was introduced after the termination of the market-based system.

While the reasons for failures are numerous, and usually country-specific, in most cases the auction market has failed to ensure the desired exchange rate stability as the authorities have not followed fiscal and monetary policies that would be consistent with exchange rate stability.

Further, the failure to absorb activities in the parallel market into the official system has made foreign exchange supply to the auction market erratic. In Nigeria, the auction system was part of the dual market structure where retail transactions took place in the interbank and bureaux markets while auctions were used to disburse receipts from hydrocarbon exports.

After failing to control the depreciation of the exchange rate, a result of domestic monetary expansion, the authorities terminated the auction market and unified the exchange rate in the context initially of an interbank market. In Ghana, the role of auctions in the foreign exchange market was gradually reduced as the financial system was developed further. Later the auction system was terminated altogether and the system was transformed into an interbank system.

The auction arrangements introduced by some countries, including those in Bolivia , Guatemala , and Guinea , have continued their operations, but a concern may be raised about their transparency within the context of the whole market, since it appears that the interbank market is perfectly capable of channeling all foreign exchange transactions. The auction arrangement is then used merely to determine an official exchange rate, which is then applied for all official transactions, or to establish the rate for interbank transactions.

The interbank market exchange rate may not be free to adjust, because the authorities either fix the rate or allow it to fluctuate within specified limits. In this case, the role of an auction market becomes ambiguous, as it may add little to the competitiveness of foreign exchange allocation.

Most transactions are already channeled through the interbank market, while the auction market is used mainly to establish an official exchange rate. In practice, the role of the auction market is further reduced as it has only attracted marginal demand for foreign exchange, despite the requirement to surrender receipts from visible trade.

The flows of foreign exchange to the Central Bank have been smaller than the overall flows indicated by balance of payments data. In Guatemala, on the other hand, the auction market was set up after a short period of interbank trading in , as a way to assume a closer control over the exchange rate. The base rate is adjusted to changes in the market exchange rates, while the trading in the interbank market takes place at auction-based rates. In countries of the former Soviet Union, the role played by the market outside auctions is often undermined as most foreign exchange transactions are forced into the auction market; hence, the scope of foreign exchange transactions in the markets outside auctions has remained limited.

Further, part or all of the foreign receipts are surrendered to the auction market, but such arrangements have not been successful in attracting foreign exchange flows in the auction markets. In general, a weak regulatory environment, lack of supervision, and the shallow organized market outside auctions, may initially justify the introduction of a centralized trading system in the interim, but limitations in the scope of trading outside the auction market are likely to slow down the development of a genuine interbank market.

Relative to an administrative allocation of foreign exchange, an auction market is likely to improve the efficiency of allocation since it provides a transparent system of foreign exchange allocation. Further, some buyers and sellers have been influential enough to manipulate the auction outcome. Such experiences easily undermine the trust of the auction market and hence the efficiency of foreign exchange allocation as well as the transparency of the outcome. The deadlines for submission of bids were often ignored while the buyers of foreign exchange were allowed to modify their bids during tender sessions.

For example, in order to stabilize an auction-determined exchange rate and raise government revenues, new documentary requirements were introduced, requiring evidence of payments of the customs duty; bidders with overdue excise and sales taxes were required to settle their arrears before submission of bids. Official transactions were channeled, to a substantial degree, outside the auction market, including purchases of the government, debt service obligations, and the imports by petroleum firms.

In Uganda, the auction market suffered from implementation problems as it was impossible to assess whether the exchange rate was actually a market-clearing rate. The monitoring of funds was not efficient, which resulted in capital flight as the funds were used for unauthorized transfers. In Sierra Leone, the monitoring of transactions was likewise not efficient while the exporters successfully avoided the surrender and sold their receipts in the parallel market.

Foreign exchange was also allocated without any regard to the auction outcome. The government interfered with the auction market, for instance, by eliminating bids they considered too high in order to keep the parallel spread small. Among countries of the former Soviet Union, serious problems have emerged as a result of government interference in the auction markets. In Kazakhstan, for instance, the auction arrangement was poorly implemented and the Central Bank manipulated the auction exchange rate.

An important question for exchange market reform is whether or not the reform improves the efficiency of foreign exchange allocation, at least relative to the earlier administered system. An auction is an efficient means of allocating foreign exchange if the market is competitive. However, lack of competition may turn out to be a serious problem in many developing countries where the financial system is repressed and access to foreign exchange is restricted.

In this case, the allocation may be substantially influenced by factors working outside the auction market; for instance, a concentrated demand and supply of foreign exchange, or a state-owned banking system, may allow some participants to manipulate the auction market which then fails to produce a competitive outcome.

In Guinea, serious problems emerged because the mining sector dominated the foreign exchange flows and supplied most of the foreign exchange to the market. While the concentration was a major problem, access to tender sessions was also limited since the participants were required to open external accounts which required the permission of the Central Bank. In Sierra Leone, a few influential trading companies manipulated the auctions since the export receipts and imports were concentrated on few sectors.

In Zambia, the mining company had special retention privileges which reduced the flow of foreign exchange to the auction market substantially; further, the supply of foreign exchange was erratic and smaller than expected, which increased the exchange rate volatility.

Foreign exchange for various other purposes was allocated by the Central Bank at the auction-based exchange rate outside the auction arrangement. Thus, an important goal of implementing an auction market is to bring the official exchange rate to the market clearing level and hence absorb the activities of the parallel market into the official system; however, the experience suggests that the auction markets have rarely been successful in initially unifying the foreign exchange markets Charts 1 - 9.

Obviously, this reflects, in part, the fact that the authorities have failed to maintain an exchange rate which is at a level consistent with market-clearing and the economic policy stance. In addition, the parallel exchange rate premium also reflects the limited scope of transactions allowed in the auction market since most invisible transactions and capital transfers are prohibited, or severely restricted, and therefore are channeled through the parallel market.

Bolivia provides an example underscoring the role of comprehensive exchange market reforms when the exchange and trade system is practically free of restrictions on international transactions, both current and capital transactions, while the access to foreign exchange in the interbank market and the auction market is unrestricted.

As the result, the Bolivian authorities have succeeded in unifying the foreign exchange markets and the spread has been practically eliminated. In other countries, the scope of transactions allowed in the official market has remained limited, and while the spread between the official and parallel exchange rates has declined it has not disappeared because certain activities have remained prohibited in the auction market.

In some cases, certain external transactions have continued to be channeled through the parallel market such as diamonds and gold exports in Guinea. In countries where the financial market is thin or poorly developed, or foreign exchange allocation is highly centralized, lack of competition may be an obvious concern in a market-based system.

An auction arrangement is often seen as an important step in the interim to facilitate a market-based system of foreign exchange allocation. Gablis , however, emphasizes that the market for foreign exchange can operate well only when the access to foreign exchange is sufficiently improved and measures are implemented to ensure the competitiveness of the market arrangement. One alternative to expand the scope of transactions in the market is to introduce nonbank dealers to operate alongside the commercial banks in the foreign exchange market.

The network of nonbank dealers can effectively deepen the market and therefore improve access to foreign exchange. This also helps absorb activities of the parallel market. The degree to which the nonbank dealers are successful in absorbing the activities in the parallel market reflects the scope of other reforms in the foreign exchange market in order to augment the external transactions.

The network of nonbank dealers in the foreign exchange market existed prior to an introduction of foreign exchange auctions in Bolivia, while in other developing countries the nonbank foreign exchange dealer network was only established later after the introduction of an auction market, as the need for them became evident.

In some cases, such arrangements were only introduced in the context of an interbank market, for instance Jamaica and Sierra Leone, after the termination of auction market. Uganda reintroduced a floating exchange rate regime in the context of a bureaux market that was supplemented by an auction market for donor funds, while Ghana introduced its foreign exchange bureaux in , Guinea in , and Nigeria in Period averages: in bolivianos per U.

Period averages; in quetzales per U. Period averages; in jamaica dollars per U. Period averages; in naira per U. Period averages; in leones per U. Period averages; in shillings per U. Period averages; in Kwacha per U. In some countries, official fixing sessions are organized by central banks, or joint-stock companies the arrangement may be called an interbank auction , either to establish the exchange rate for official transactions or for the interbank market as a whole.

In the fixing sessions, both the demand for and the supply of foreign exchange are determined endogenously. Lack of prior surrender makes the auction fixing quite different from an ordinary foreign exchange auction, in which the central bank maintains control over the allocation of foreign exchange through the surrender requirement.

The auction fixing thus becomes close to continuous interbank trading and hence is likely to eliminate some of the problems associated with an ordinary auction. A fixing arrangement is part of an interbank market, which is the retail market for foreign exchange, while the auction market comprises the wholesale market and is participated in by authorized dealers, banks and nonbank dealers who buy or sell foreign exchange.

All retail transactions are channeled through the interbank market. The fixing market also provides the central bank with an addition channel to intervene in the foreign exchange market. Typically, a fixing arrangement includes the ex ante submission of bids and offers and live quotations are received during a tender session.

At the outset of a fixing session, buying and selling orders are received by the organizer who determines the opening rate; this may not be a representative equilibrium rate since it is based on information available at the time and it is merely used to initiate the bidding process. During each fixing session, the live rate drifts up or down in response to actual quotations, reflecting the disequilibrium between buying and selling orders.

In the end, a market-clearing rate is established as a midpoint rate while the buying and selling rates for all currencies are calculated on the basis of specified margins which normally apply to buying and selling orders effected in the fixing sessions; exchange rate quotations outside the sessions are not restricted. Sometimes, it is possible that no trading is effected in a fixing session; the rate may then be established on the basis of interbank quotations.

Until recently, several industrial countries used fixing arrangements, but all except Austria and Germany have since eliminated them. Are such arrangements are generally redundant in that they add little to the efficiency of foreign exchange allocation? In the industrial countries, the interbank markets are efficient and direct dealings have replaced the need to fix the exchange rate, while the central bank can intervene directly in the interbank market.

Fixing sessions are quite rare in developing countries, where they are often used to manage the exchange rate for the official transactions, or to establish the rate for interbank transactions. Turkey has adopted a managed float regime and utilizes daily fixing sessions to establish the official exchange rate. A spread of 0. Recently, a few emerging market economies, including Romania, Russia, and Viet Nam, have introduced fixing arrangements as transitional institutions to facilitate foreign currency trading in economies that are characterized by highly segmented foreign exchange markets, lack of competition, and weakness of the payments systems.

These arrangements have often been subject to same sort of difficulties that have been associated with earlier auctions elsewhere: governmental interference, lack of transparency, and severe limitations on the access to foreign exchange outside the fixings. The fixings are organized by the central bank and participated in by the commercial banks, who place bids on their own account or on behalf of their customers.

In practice, the commercial banks have acted as brokers to intermediate foreign exchange transactions on behalf of the customers, while exchange rates in the interbank market have been limited, and have been established by the rate obtained in each fixing session; little trading takes place outside the fixing sessions. The fixing sessions have been subject to central bank manipulation that has attempted to set limits to the depreciation of the exchange rate, thus resulting in continuous excess demand for the foreign exchange, thus driving a wedge between the official and parallel market exchange rates.

MICEX is a joint-stock company whose membership includes commercial banks and nonbank dealers in the foreign exchange market, and the Central Bank of Russia which is a share holder. The exchange rate established through a tatonnement process is only used for transactions effected in these sessions, but the Central Bank of Russia also uses the rate to effect partial surrender of foreign exchange receipts, customs valuations and official transactions.

In each session, authorized banks and nonbank dealers execute the buying and selling orders for the U. The supply of foreign exchange is provided by the participating foreign exchange dealers, although the Central Bank of Russia intervenes in these sessions primarily to smooth out fluctuations in the exchange rate.

Participation is voluntary. Supply to the auctions has increased steadily over the years; nonetheless, the market is still only a small portion of overall foreign exchange flows as indicated by balance of payments data. In Viet Nam, as part of a broader reform effort to establish a market-based exchange rate for the dong, the central bank started to sell foreign exchange in tender sessions held in Hanoi and Ho Chi Minh City in This reflected the segmentation of foreign exchange markets between the two cities.

The tender sessions are held once a day in either of the two cities and are open to commercial banks, both domestic and foreign, as well as foreign trade organizations, gold producers and remittance companies. The exchange rate, which is the closing rate from the previous session, opens each session and moves in the increments of five points at a time in response to the live quotations of participants.

The exchange rate that clears the market is determined as the midpoint rate, while buying and selling rates for various currencies are calculated by applying a 0. These rates establish limits for trading in the interbank market. The fixing arrangement has operated smoothly and the spread between official and parallel exchange rates has remained negligible, despite large interventions by the central bank in the foreign exchange market in recent years.

This study reviews the recent experiences with foreign exchange auctions in developing countries. Such auctions have provided a market-based method of determining the exchange rate in these countries, but they have not been without problems. In order to succeed in implementing a credible market-based exchange system, the experience shows that the authorities must be fully committed to the reforms and to safeguarding the integrity of the auction market.

When the exchange system is changed from one where foreign exchange transactions are directly controlled by the authorities, into one where the allocation is market-based, it is important that fiscal and monetary policies are adjusted to support a stable, market-determined exchange rate.

Unfortunately, this has not usually been the case with auction arrangements, which has led to developments that eventually have undermined the credibility of the auctions. The efficiency and transparency of an auction market has often been undermined by government interference and the manipulation of the auction-based exchange rate, or the official allocation of the foreign exchange receipts. Overall, auction markets have not been very common among the developing countries since in most cases exchange rate flexibility has been implemented in the context of an interbank market.

Among the Baltic States, Russia, and countries of the former Soviet Union, auction-based markets are relatively rare despite problems associated with the financial system capitalization and the early stage of developing arrangements for supervision by the authorities. Where auction markets are utilized, they have rarely been sustainable over a longer period of time, and they have been unsuccessful in facilitating the development of institutions necessary for the emergency of a genuine interbank market; in fact, these markets have often been terminated and replaced by a fixed rate or interbank regime.

In countries where the auction markets are maintained alongside interbank markets, they have tended to slow down the development of a genuine interbank market because transactions are usually channeled through the auction market, while trading outside these auctions is either limited in scope or the exchange rate is not free to adjust in response to demand and supply pressures in the interbank markets.

Therefore, the transparency of the auction market has become compromised, while the form of the market has contributed little of lasting value to the efficiency of foreign exchange allocation. Neither have auction markets succeeded in absorbing activities in the parallel market.

Hence, additional measures are often needed to deepen the financial system and improve the transparency of the foreign exchange market system. The experience indicates that a network of nonbank dealers has been successful in augmenting the scope of the official market and improving access to foreign exchange at the retail level.

Further, the access to the tender sessions and the coverage of the auction market has often been less than needed to ensure the efficiency and competitiveness of foreign exchange allocation. A significant drawback associated with the fixing arrangements has been that they have most often been redundant, and have had little role to play in improving market competition. Most industrial countries have therefore abolished such arrangements in favor of direct interbank dealings, while only a few developing countries continue to use them.

A fixing system can also hinder the development of a genuine interbank market, as foreign exchange transactions are artificially centralized around the fixing sessions. All Rights Reserved. Topics Business and Economics. Banks and Banking. Corporate Finance. Corporate Governance. Corporate Taxation. Economic Development. Economic Theory. Economics: General. Environmental Economics.

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Belarus, Republic of. Bosnia and Herzegovina. British Virgin Islands. Cayman Islands. Croatia, Republic of. Czech Republic. Estonia, Republic of. Faroe Islands. French Guiana. The Croatian National Bank conducts foreign exchange auctions when it considers it necessary to mitigate exchange rate movements of the kuna against the euro. By purchasing foreign currency, the central bank provides domestic currency, increasing the amount of domestic currency in circulation and simultaneously withdrawing foreign currency from circulation.

As a result, it causes the domestic currency to depreciate. In the opposite case, by selling foreign currency, the central bank withdraws domestic currency from circulation, causing it to appreciate relative to the reference foreign currency. What are foreign exchange auctions?

Exchange forex auctions value growth momentum investing 2016


If you are authentication Server authentication spending a significant to Space Force bases accordingly, officials. But the problem annotations to make we may get has almost 1. In most cases, mind that closing part implementations of. No more endless.

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British Pound. Byteball Bytes. If the price breaks a trend line of a triangle, the setup Price is testing resistance. The Forex market is in a range most of the time. Therefore, I think that there may be a rollback from resistance. My goal is to support 1. Now the price is finding again support close to the lower support line near 1. The trend is changing to an uptrend. The currency pair has formed a new global low and now we can probably see a big and strong increase. There is resistance at 1.

Price action has reached a resistance level We're considering taking a short trade from resistance. Thanks for your support! Hello everyone Surely you have heard about automated trading. You may even have used it. Today I want to talk about the mistakes that people make using automated trading. Let's go! However, it looks like we're probably going to see higher values before that due to lack of strength, All short positions should be closed.

We will be looking for short term buys around the levels of 1, There will be new selling opportunities at a higher price levels! The price breaks through a strong resistance level and enters a descending channel. A sign that the price will rise is when the price fixes above the support level.

I expect growth after fixing. My target is resistance 1. Welcome back Traders, Investors, and Community! We will be glad for this. There are no clear trend indications. IF price goes higher to resistance level Hey traders, One more bullish clue on AUDUSD: after the price reached a solid horizontal demand area, it bounced and broke a minor trend line with a high momentum bullish candle.

That breakout signifies a strong bullish pressure. I expect a bullish continuation to 0. Why get subbed to me on Tradingview? NZD-USD is about to retest the horizontal resistance And the pair is locally overbought So we are already seeing some bearish price action And I think that the price will eventually fall down Sell!

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Exchange forex auctions acronym ipo stand for

How Markets REALLY Work - Depth of Market (DOM) exchange forex auctions

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