Chris Wright reports. When the Government of Singapore Investment Corporation announced its asset allocation in July, it pledged to put more and more of its money into emerging markets, increasing investments in China, India, South Korea and Taiwan. Granted, it's an Asian enterprise in its own right, but its enthusiasm for emerging Asian assets, in emerging Asian currencies, was symbolic of growing interest in Asian foreign exchange.
The volatility in the currency is not as high as in other regions, and having external surpluses provides people with some element of security. Any discussion of investment flows tends to start with China, and so it is with forex too, despite the yuan not being fully convertible. But because of restrictions on capital-account convertibility, it's not strengthening as fast as it ordinarily would, which Soh says is prompting some investors to look instead at other Asian currencies.
One such currency is the Malaysian ringgit.
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And the idea of proxy trades has brought investors into Singapore dollars, Thai baht, Korean won and the Taiwanese dollar. And it's reflected in greater allocations into other asset classes too, notably fixed income, as sophisticated foreign-exchange funds playing in the currency markets have to deploy their funds somewhere and typically opt for the bond markets for steady but decent returns.
Technical issues For banks active in foreign exchange, the debates are rather different in Asia than they are in G3 currencies namely yen, euro and US dollars. At a global level, and in Asia for banks focusing on G3, the main areas of discussion tend to revolve around technology, platforms and margins. At this end of town, the debates are technical. It includes live streaming in two-leg strategies as well as single options, and the system plans to add more currency pairs including emerging-market currencies in due course.
These innovations followed the introduction the previous month of what Barclays bills Precision Pricing, allowing it to price to five decimal places in spot pricing online. Other banks can boast similar innovations, and this is increasingly where the differentiation is among the bigger players: highly complex and specialized modifications to online offerings.
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Banks still conduct some foreign exchange through phone dealing, but increasingly discussion focuses on their online delivery channels, which fall into two categories: in-house portals and multi-bank products. Increasingly in forex houses' head offices there is a feeling that there are too many delivery channels out there, which causes confusion, dilution of the brand, higher technology and support costs, issues with liquidity management and, perhaps most importantly, narrower spreads.
The counterpoint to this view is that forex is a commoditized volume game in which transaction volume is everything. Consequently, it makes sense to be everywhere, and provide liquidity so broadly that it can appear indiscriminate from the outside. Banks have to decide which platforms to support and which to ignore, and to what degree they should support clients on different platforms. The situation has become much more complicated with the advent of complex trading strategies that act cross-platform, often hedge funds looking for inefficiencies in the ways banks quote across a range of portals.
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Some of these funds use quantitative trading programs that allow them to trade thousands of pairs a day, often holding positions for a matter of seconds. Once a pending order is placed, we need to place stop orders for limiting potential losses in case the price starts moving against us. A Stop order should be placed at the level of the separating strip and trailed along this strip when a pending order is placed.
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An example of opening a long position is shown in the picture below. The candle broke the moving average and closed above at A pending order Buy Stop was placed at 1.
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The pending order was triggered in an hour and a Buy position was opened. The Stop Loss order should be immediately put at a new level of the separating strip. Next, we only need to watch our position and trail the Stop Loss order. In the example given, our profit amounts to 24 points. To optimize profits, we can close the position right before the stop order is triggered in case we see that the market is going to reverse.
The divergence between the readings of the chart and the MACD indicator - when the previous highest value on the chart is lower than the next one and the level of the previous highest value of the indicator is higher than the level of the next one - may serve as an example see the picture below.
In this case, our profit will be 31 points. LiteForex raffles a dream house, a brand new SUV car, and 18 super gadgets.
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