explanatory power for the cross-sectional variation in expected currency market returns, while those of the average dealer provide …

market participants are strategic about their trading costs. Hence, they avoid directly transacting in non-dollar currency … the US dollar as a vehicle currency. That is, market participants first exchange a non-dollar currency into US dollars …, and then trade those US dollars for their target currency. I derive a set of theoretical conditions for currency dominance …

study compares the impact of current, 1 and 2 week lags of financial conditions onto foreign currency futures players' net …

Asset prices undergo long swings that revolve around benchmark levels. In currency markets, fluctuations involve real …

We document that intraday currency returns display systematic reversals around the major benchmark fixings … an unconditional demand for U.S. dollars at currency fixings. Dealers hedge this demand pre-fix, driving intraday …