Currency Exchange Rates at 9:20 am EST, July 1, 2023
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- These rates are average rates compiled by the Federal Reserve System as of June 23, 2023.
What is the foreign exchange market?
financial media website Investopedia defines the forex market as:
” … a global over-the-counter (OTC) market that determines the exchange rate of currencies around the world. Participants in these markets can buy, sell, trade, and speculate on the relative exchange rates of various currency pairs.
Forex markets are comprised of banks, forex dealers, trading companies, central banks, investment management firms, hedge funds, retail forex dealers, and investors.”
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Forex markets are important as they are an access point to the necessary liquidity that supports trading. If a US investor wants to invest abroad, the investor will need to convert their dollars into foreign currency. Whether the investor wants to buy London real estate or invest in British gilts, he will need to buy sterling to do so.
The currency markets are very loosely regulated. The high degree of deregulation stems from public policy. As the United States Supreme Court explained in Dunn v. Commodity Futures Trading CommissionOver-the-counter currency markets were developed privately for decades before attempts to regulate the market.
The Court also noted the public policy argument that there is a risk that a market made up of sophisticated traders, investors, and banks will move offshore if it comes under increased regulation, but the Court also noted that it is up to Congress to address this issue.
July 1, 2023
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