-dollar currency pairs can be traded indirectly by using the US dollar as an intermediate vehicle currency. I present a model of FX … show that dollar dominance increases by 7% after quasi-exogenous spikes in the liquidity of dollar currency pairs occurring …

transition to a fully convertible currency …

hypotheses on the possible relationship between volatility and trading volume using data for three major currency futures … to medium term currency relationships may be dominated by trading dynamics and not by fundamentals …

Foreign exchange turnover evolves in a predictable fashion with increasing income. As income per capita rises, currency … trading cuts loose from underlying current account transactions. In parallel, an increasing share of trading in the currency …

-the-counter market. We find volume helps predict next day currency returns and is economically valuable for currency investors …. Predictability implies a stronger currency return reversal for currency pairs with abnormally low volume today, and is driven by the … exchange rate determination, in which volume helps reveal the degree of asymmetric information in currency markets. Testing …