Best books for FX
I’ve landed an internship this summer and for at least part of it I will be in the FX/macro research team. I’m doing a masters in finance and economics however I do not have any macro modules and I didn’t choose the FX module.
Are there any FX books which are particularly good? Ideally these books will be practical. I’ve done CFA L1 so I know the very basics but not much more.
Art of Currency Trading by Brent Donnelly is a great starting point
Some banks have primers to FX forwards / forward points. Probably understanding interest parity equation thing is important and how that leads to changes in the forward points for forward/swap/option pricing.
I'm currently reading currency market by Brian Twomey. Published by Bloomberg. I've always been a commodities guy, trading energies, but I've dabbled in base and precious metals. I've only traded delta one products, and my strategy fits along the line of a systematic CTA. Looking at different markets, currency for me was the way to go with my strategy and why I am leaning towards it. But yeah, I recommend that book. I haven't finished it yet, but so far, I've learned a lot
Here you go, it's free. This is the book that Lehman used for all its new FX s&t employees and my bank also made us read this. It explains pricing spots, forwards, swaps etc with lots of examples and practice. https://www.earnforex.com/forex-e-books/beginner-forex-trading/Lehman%20Brothers%20Foreign%20Exchange%20Training%20Manual.pdf
a lot of the textbook/published stuff is a bit shallow or outdated. https://github.com/yieldcurvemonkey/Curvy-CUSIPs/tree/main/research/FX
i found that anything by JPM's Ravagli is required reading
Foreign Exchange: A Practical Guide to the FX Markets by Tim Weithers is a great starting point—it breaks things down in a way that actually makes sense. FX Trading by Alex Douglas is solid if you want a more hands-on perspective. Since you’ll be in macro research, The Global Macro Edge by John Netto could also be useful. But honestly, the best way to get up to speed is by reading FX reports from major banks and keeping up with central bank commentary. That’ll give you a real feel for how things move.
TikTok influencers should be your only source of FX information
Are there any free pdfs that are good?
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